Transitioning from renter to homeowners means much more than simply having a place to call your own. Purchasing a home is well worth the investment, but it’s important for renters to be totally financially committed. Renters seeking to buy a one should budget not only monthly expenses but also these overlooked costs:
Home maintenance – Unlike renters, homeowners are responsible for upkeep, including expensive projects like replacing a roof or windows.
Utility Bills – Keep in mind that bills are generally higher than those for apartment dwellers, were some are often included in rent.
Closing Costs – Closing costs can very by state, so if you plan to relocate from a rental in one area to a home in another, research thoroughly while budgeting.
Home repairs – Renters typically don’t have to save for emergency repairs. As a homeowner, make sure you have funs set aside for unexpected issues.
Furniture – Furnishing an apartment is normally cheaper than furnishing several rooms in a home.
Seasonal projects – Many first time homeowners fail to factor in season projects, such as spring and summer landscaping and holiday decorating.
