Paying for the mortgage isn’t the only expense that you will need to consider when you are buying a Staten Island home. There are many other costs that you will have to think about and these can come as a shock if you haven’t planned ahead for them. Some very enthusiastic first-time homeowners will gloss over these costs and later find out that their budget is overwhelmed.
Here are a few of the costs that you should consider when you are becoming a homeowner for the first time.
Moving Costs
Once the home purchase is complete, you will have a whole new wave of additional costs concerned with moving into your new home. You might be able to ask your friends for a favor, but usually you will have to spend some money on a moving company to transport all of your things.
Utilities
Don’t forget that you will also need to pay for your heating costs in winter, air conditioning in summer and your lights and internet all year round. Your utilities can really add up, so if you don’t factor them into your budget you will be in for a nasty surprise.
Home Maintenance
You will also need to factor in the costs of repairing your home, such as when an appliance needs to be replaced or something needs fixing. A general rule of thumb is that every homeowner should budget at least 1% of the purchase value of the home to cover remodelling and home maintenance.
Also, don’t forget about landscaping and lawn care. If you pay a landscaping company to take care of your property it could cost around $30-$50 per week. If you do it yourself the costs will be lower, but you will need to pay for the equipment and supplies and spend a lot of your valuable time.
Interest on Your Mortgage
When you are considering your budget for homeownership, you will also need to factor in the amount that you will pay in mortgage interest over the duration of the home loan. The interest rate on your mortgage will of course change over time, depending on the mortgage that you select.
These are just a few of the extra expenses that homeowners need to factor into their budget when buying their first Staten Island home. If you have any more questions about home ownership, call me at 718.370.3200 or email me at tomcrimmins@tomcrimminsrealty.com
Posted by Thomas Crimmins on
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