Don't Overlook These Things:
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Costs To Watch Out For:
- Closing Costs: This is a necessary part of the purchase price that is either paid by the buyer or seller and can vary depending on your mortgage program and product. Your lender can provide good faith estimates, so you will have a good idea of what you are looking at.
- Utilities: Take some time to do your research here. For example, call the City where your potential new home is located and find out how much monthly utilities are.
- Property Taxes: Due each year at the end of November, don't let this number come as a shock to you the first time you get the invoice from the County. Listings usually contain this information, but it can always be found in the County's public land records.
- Home Owner's Association (HOA): Are you moving into an HOA? What is the monthly fee and what does it cover?
- Cost of Repairs, Updates, Changes: Thinking of buying a fixer-upper? Take a realistic approach to the costs and how long it will take to complete. Most people say their home improvement project ended up costing more and taking longer than originally anticipated.
- New Locks/Keys: You have no idea who has keys to your new home, be prepared to have your locks re-keyed or to purchase new locks.
- Appliances & Furniture: Does your new home come with the appliances? Are you moving into a bigger home and will need more furniture? While furniture can wait, it would be pretty difficult to live without a fridge.
- Miscellaneous Items: No matter how much you plan, there will be things that will come up that you didn't anticipate. For example, you need more garbage cans because you went from one bathroom in your old home to three in your new home.
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Environment - More Than Just Location
If you have only seen the home during the day, it may be a good idea to see it at night - or at the very least drive through the neighborhood at night. Are there bright lights, odors, or other annoying things that will get in the way of you enjoying your home? Does the neighborhood feel safe both during the day and at night?
Distance
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You want to be in a certain City, but have you considered how far this is from work and your weekly errands? Are you willing to drive a longer distance? Will you be sitting in traffic longer during your commute to and from work? Don't forget to consider all seasons - do you want to drive farther in the snow?
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Technology Availability
This seems silly, but when Internet service and cell phone coverage are poor, it can be extremely frustrating. Does your cell phone provider have good coverage in your new City? Does your Internet, Cable/Satellite provider have good coverage?
As you work with your Lender and approach home ownership, whether for the first time or not, keep the above items in mind. You may be able to afford the payment, but no one wants to be "house poor."
