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There is a lot that goes into purchasing a home, and many people are unaware of the many hidden costs often associated with the process. When buying a home, you need to look closely to see if it is move-in ready. Are you going to need to buy new carpet? Do you need to paint the walls? Are you going to need to purchase new furniture to fill the home? These are just a few of the questions you need to ask when viewing a home.
One big thing you need to pay close attention to is the cost of utilities. If you’re going from a gas-heated home to and electric-heated home, you need to account for the additional expense. We encourage our buyers to figure out what the last 12 months of utility costs were of a home before they purchase it.
Another thing to take into account is insurance. Many people tend to think that their insurance rate will be the same as the their current home, but there is a lot that goes into the final insurance rate. One serious factor is how far away the home is from the nearest fire station. If the home is outside 20 minutes, insurance will typically be significantly more. This is because, if there is a house fire, the home will take on significant damages or even burn down in 20 minutes time.
Finally, the last thing to think about is real estate taxes. Whether you’re in Brainerd, Baxter, on water, off water -- all these various factors play into what you’re paying in real estate taxes.
In order to know whether you can truly afford a home, it’s crucial to work with a professional who can help you sort through all these additional expenses. My team and I do a free buyer consultation to help our buyer clients make informed decisions. Our goal is to ensure you’re not house rich, but cash poor.
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