As a first time buyer, you go that extra mile to find your dream home, and why not; purchasing a property is one of the biggest decisions of life. To look for that perfect abode that suits your requirements, you should go through a wide range of homes for sale in Mason OH and eventually finalize the one that is within your budget. Once the property is finalized, you probably think about the down payment and the monthly EMI’s towards the mortgage. However, you may not be aware that there are many hidden costs involved in buying a new property.
Always expect the unexpected
For all the first time buyers, the spending doesn’t stop at the down payment. There are a lot of other additional costs involved that may affect your overall budget. Therefore, it is important to consider them early in the process, so that you make an informed decision.
For instance, if you are looking for houses for sale in Springboro Ohio and you have finalized a property where the previous owner takes the refrigerator with him when he moves out, this means you will have to buy a new one to replace it. Similarly, it can be the case with other appliances as well. So such small-small expenditures can add up to the huge amount that was initially not foreseen.
Let’s take a look at some of the hidden expenses which if you know about well in advance you will be saved from the burden of unexpected expenditure.
Inspection Cost
Inspection cost is something that is expected. However, depending upon the type of property you choose from the homes for sale in Mason OH you may also want to check the toxicity levels, termite damage, wood rot etc. apart from the normal structural inspection. These additional checks may cost you a few hundred dollars but they are worth the investment.
Closing costs and Other Fees
These costs can cost you between 2% to 5% of your property’s purchase price. So once you choose a property from all the available homes for sale in Mason OH you will have to be prepared to bear following home expenses as well-
- Appraise fee
- Lender Fees
- Title or attorney fees
- Interest
- Escrow fees
These costs can add up to several thousands of dollars in addition to the down payment.
Maintenance and Repairs
Things wear out and break down over a period of time so you will have to budget money for such things. Air conditioning and heating equipment repair/replacements can be an expensive affair in case they have not been maintained appropriately. Similarly getting leaking faucets, running toilets, and faulty sinks repaired can add up to a considerable expense. For instance, you choose from homes for sale in Mason OH you can expect at least 1%-4% of the property price being spent on maintenance.
Insurance and Taxes
If these are not included in your monthly payment then be prepared to budget for them separately. Depending on the location of property it can cost you somewhere $2000-$3000 dollars or maybe more.
Apart from the above, as a first-time buyer, you may also want to improve the curb appeal of your property by getting some landscaping or exterior upgrades done. You may also need to get pest control done which can cost you a couple of hundred dollars. Additionally, you will also have to budget for the utility bills such as water, electricity, gas, lawn maintenance etc.
Therefore, always plan ahead because buying a property can be less stressful only when you know what you are getting into. Also, negotiate well to get the best deal.
