What Does It Cost?
So what should you expect when buying your home after renting for so long?
One Time expenses:
Appliances: Don’t forget to negotiate the existing appliances in the home of your dreams or you have to expect to add that cost to your moving expenses. A minimum of $1500.00 is a general guide.
Furniture: Your moving from a one bedroom apartment to a 3 bedroom home. You need to factor in additional furniture cost or have a housewarming party and set up a registry or go fund me page.
Remodeling: Before purchasing a home that needs to work, hire a contractor to look at it prior to purchasing the home to give you an idea of what you will need to do and the cost. Never assume you can do it yourself and always make offers subject to a home inspection.
HOA Fees: Home Owner Association fees, make sure you know if there is a Home Owners Association. You have to approve any changes with them as well as pay for common area maintenance and Common area Insurance as just an example.
Exterior Maintenance: What is it going to cost to keep the exterior of your new home in great condition? Roof, Siding, Windows, Doors just to name a few exterior items.
Interior Maintenance: When renting the landlord normally takes care of repairs. Well you own it now, be prepared to fix it when it breaks.
Utilities: Gas, Electric, Garbage disposal, Sewer, Water, Cable, Internet, All things you may have to obtain before you move in so you have them when you move in.
Transportation Cost: Lets not forget what is it going to cost you to get to work everyday? Are you willing to sacrifice your time for traveling to live in a rural area or are you more of a city dweller. You have to factor in these things prior to making a home buying decision.