The Reality of Real Estate: The Smaller Details of Home Ownership That Can Have Major Costs

If you’re thinking about purchasing a home, you’ve likely had your friends, family, and even your lenders talk to you about how much you can afford. You may have budgeted for mortgage payments, home insurance, and even property taxes, but what about pest control, lawn care, and add-ons?

 

Check out some of the most frequent home costs that people rarely plan for or understand before jumping in:

1. Cable, phone, and internet costs – Larger homes are notorious for needing wifi extenders or more expensive internet packages to ensure there’s a strong internet connection throughout the home. There can also be added costs if there’s a problem with the wiring, and an electrician has to come out to rewire or repair the lines.
2. DIY fails, renovations, and add-ons – HGTV has made many people feel empowered to tackle those home improvement projects that they’ve seen on TV or have been dreaming about since they bought the house. Unfortunately, no matter how many hours of Property Brother or Fixer Upper we’ve watched, it likely hasn’t made us contractors, plumbers, or counter installers. Trying to take on large projects may cost you more in the long run if you mess up, ruin materials, and have to call in an expert to fix your mistakes and do the job you originally wanted done.
   1. Bonus tip: Add-ons and renovations can cost more than just the parts and labor to get the project finished. They can also increase your property taxes each year. Before starting any major add-on, contact David Morris Group to discuss your plans and how it affects home value.
3. Pest control – Instead of calling your landlord to spray for bugs or calling an exterminator to take care of any vermin like you did when you were a renter, now it’s your responsibility to pay what can be hefty bills to take care of pest problems. It’s recommended to spend a few hundred dollars to get your home inspected and sprayed every few months to be proactive rather than the thousands it can cost with a full infestation.
4. Lawn care and cleaning – Many find the added square footage and added outdoor space of a single-family home, while nice, is also hard to maintain by themselves. If you decide to enlist some help to keep your home clean and your lawn from growing too wild, you’ll be looking at a couple of hundred dollars of added expenses each month.

As a first-time homebuyer, it’s crucial to understand all of the costs that you will face as a homeowner and start budgeting for them early. The David Morris Group is always happy to show you the ins and outs of owning a home and help you make the transition from renter to homeowner seamlessly. Give us a call at 775-828-3292.