Hidden Costs of Buying a Home

Real Estate

Hidden Costs of Buying a Home

One thing to educate yourself about before buying a home is the hidden costs of buying and owning a home. Most people are aware about the cost of an inspection and appraisal. But these are 5 other things to think about:
1) Review the inspection for potential repairs or upgrades - if you have found the perfect home, but it will need a new furnace within a few years and the sellers won't replace it, will you be able to fit that into your budget?
2) Understand your home insurance policy so if you have a loss, you will be prepared for whether or not it is covered by your insurance.
3) Plan for monthly bills that might be different for a larger home. Extra utility costs is one that can surprise you. Here's a Utility Tool that might be helpful.
4) Prioritize your renovations - you might need to replace that nasty carpet right away, but be able to wait to upgrade the master bathroom.
5) Calculate Affordability - how much of a monthly payment you can afford is directly related to how much of a down payment you make. Evaluate the pros and cons of making a large down payment. It will help out on your monthly mortgage payments, but it might also deplete your emergency fund.

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Whenever you are ready, here’s some ways that I can help with your real estate goals:

1) Free Access to search the Denver MLS for all homes currently on the market: Denver Home Finder Service Property Search

2) Join me for a home tour - Home tours are Monday thru Saturday at 2:00 pm or 6:00 pm - choose your tour here

3) Request a specific search that sends all the homes that meet your parameters as soon as they come on the market - that way you can beat others to the best homes. Send me an email with "specific search" in the subject line and your wish list - Price range, school district, style, minimum number of bedrooms, etc. - Vickie@DreamsCanHappen.com

4) Receive a Home Loan Report –There are so many different loan programs. Do you need 20% down payment to purchase a home? Are there special programs for first time home buyers? What does CHFA mean? What's the difference between a FHA loan and a Conventional loan? Send me an email - - Vickie@DreamsCanHappen.com with "Home Loan Report" in subject field and I'll send it right over.

Also….check these out??

Denver Home Finder Service

Denver Home Seller Service