5 Costs You Forget When You Buy a New Home
Costs You Forget When You Buy a New Home
How much are you willing to spend on your home? It’s a tricky question and one that most homeowners are unable to answer correctly.
Even though you have probably defined a budget for home ownership, it can be tricky to precisely define how much your home will cost you.
Some costs can appear over time and transform the value of your property.
Homeowners can spend a lot of money on home interior and renovation projects. Ultimately, most homeowners accept that there will be essential costs to make a house their home.
Decorating and minor renovation and improvement works are part of the journey to transform a house and make it your home.
As such, while these costs may not be part of your home budget, they are typically perceived as a way to enhance your interior and property.
However, not all home-related costs transform your home for the better. Did you know that some of the costs of buying a new house make your home “worse”?
Admin Costs
If you are new to the process of home-buying, you may not be familiar with some of the extra costs that are involved with homeownership.
Unfortunately, many first-time home-buyers fail to take essential administrative costs into account.
The property price is the only cost that you can influence. But there is more to your home than its price tag. For instance, if you wish to secure the property until the owner responds to your offer, you may be asked to pay a deposit, which may or may not be refunded.
Some realtors keep the deposit while others refund it or deduct it from your payment. Conveyancing costs can be included in the price tag, but it isn’t always the case.
You will also need to pay the stamp duty, the tax associated with the property. This also comes on top of the price of the house.
Depending on the property’s age and condition, you could require a professional audit, which brings an additional cost.
The bottom line: If you’re not planning for those expenses, you might find yourself facing debts in the first months of homeownership.
Ultimately, it can make it hard to manage mortgage payments and to maintain your home.
Indoor Air Pollution
Did you know your home could be filled with pollutants and toxins even if you don’t see them? Every day produces particles that float in the air and can affect your health.
Pet dandruff, for instance, can be a source of allergies for vulnerable members of the family.
There is only so much you can achieve with a good vacuum cleaner. Ideally, you want an air cleaning system that can filter out potentially dangerous particles out of your indoor air.
When you buy a new home, you expose your family to a high volume of air pollutants. These can be emitted by cardboard boxes, fresh paint, new furniture, etc.
How the Sun Comes into Play
Light changes your environment. A room that is bathed in natural light feels welcoming and warm. However, when the same room faces a different direction, it could feel dark and cold.
The presence of sunlight transforms your perception of your home’s comfort and decor.
That is why it’s never a good idea to organize your decor before you move in. Sunlight dramatically affects the colors, which is why a north-facing room needs bold colors to tackle the bluish light.
However, if you decide to paint before moving in, you could find yourself being forced to redo it all.
A New Garden
Buying a house with a huge garden or a home close to a green area will guarantee plenty of wonderful outdoor activities.
Spending time walking and playing in the garden is good for your mood. However, it’s not so good for your interior.
Mud, pollen, and dust particles stick to our clothes and shoes. You may not notice it at first, but they can enter your home and affect your decor.
Neutral and cream colors could turn darker and gain a somehow faded and tired look and feel. Your interior feels unappealing, and you may be tempted to change it regularly.
Your Commute Journey
The location of your home could be detrimental to your commuting costs. A longer commute by car, for instance, could increase the costs of gas, maintenance, car insurance, and repair.
If public transport isn’t available or isn’t satisfactory, you may find yourself struggling with stress on top of your commuting costs.
The new home could affect your finances and mental health even though you don’t notice it. Before buying a home, considering the location is important.
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Not just for commuting but, the potential of neighborhood growth over time.
There are so many costs associated with your house, even though they may not seem relevant at first.
Understanding where potential expenses can arise and what they mean can help make homeownership more manageable.
Do you know any other costs you forget when you buy a new home?
-Jennifer
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I am a girl from the UK with a lot of thoughts. I left the rat race of the corporate and marketing world to be my own boss. I write about life, finances, home design, fashion, and more. Hoping to inspire people every day. I’m a writer, a reader, and an old soul.
