New Home, Better LIving

There are so many factors that go into a home buying decision that it can make your head spin, especially if you’re in a competitive market where time is of the essence. The desire to purchase a property may cause you to look past factors that could detract from your enjoyment of the home and cause some regrets down the road. That’s why when you’re weighing your options, quality of life should always be the top priority.
Location is Part of Lifestyle
Buyers often focus on “must-haves” that can be added through renovation, but will downplay factors that are impossible to change. For example, if you work and spend much of your free time in the heart of a busy city, a house in the suburbs may mean more space for the same price, but it could also mean long commutes and a major hit to your nightlife. A centrally-located condo might be a better option.
On the other hand, if you’re a weekend warrior who looks forward to skiing, hiking, and mountain biking trips, living outside the city may be perfect—you’re that much closer to the trails when you wake up on Saturday morning. It’s a cliché, but it’s still stands true—location, location, location.
Big Homes Aren’t for Everyone
If you love entertaining friends and family, a big house makes perfect sense. You’ll have all the space you need to prepare meals and throw big parties and your guests won’t have any trouble finding parking. But a big home also means more cleaning and maintenance—more lawn to mow, more bathrooms to scrub, and more things that will break and need fixing. Before you dive into an alluring big home, consider your tolerance and enthusiasm for the upkeep. For some, a smaller home or a professionally-maintained condo are better options.

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New Home, Better LIving

Hidden Homeowner Costs

Budgeting for buying a home can be difficult enough when you’re just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of them are one-time expenses that you’ll pay during the home buying process, while others will be recurring costs for as long as you own the home.

Closing costs
There are several smaller fees that add up to a rather large sum when you’re going through the closing process—loan fees, attorney fees, underwriting fees, and more. They typically add up to 2–5% of the purchase price. For a $300,000 home—roughly the national median—that’s in the neighborhood of $10,000, so be sure to budget for it.

Appraisal
Your lender will require an appraisal, and the appraisal fee (a few hundred dollars) comes out of your pocket.

Inspection
The few hundred dollars you’ll pay for a home inspection is money well spent, but it’s something you have to keep in mind during the purchase process. You’ll have the peace of mind of knowing the house is free from any major issues, and you’re making a smart, solid investment.

Insurance
Although homeowners insurance isn’t legally required, it’ll almost certainly be required by your lender. Further insurance, such as flood insurance, may also be required (depending on your location).

Home Owners Association
If you’re living in a property or community with shared spaces, you’ll almost certainly have an HOA fee. This pays for things like trash removal, maintenance of common areas, and for recreational facilities like gyms and swimming pools.

If you are ready to start on the path to home ownership, give me a jingle at 720-316-4436.

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Hidden Homeowner Costs