Few things in life are more exciting than buying your first home. The feeling of turning the key for the first time (or clicking the garage door opener) is thrilling. You'll likely feel a sense of pride like never before. But getting to that point may be a challenge. And the challenges won't end once you move in.
The more you know about the process, the more prepared you can be for the wrinkles that pop up, and the more you can relax and enjoy homeownership.
1. It may cost more than you expect.
When you're calculating your monthly payment, don't leave anything out. Add in principal, interest, taxes, and insurance, plus any HOA fee. Then estimate landscaping, pool maintenance if needed, and any other fees there may be. Don't forget to include your monthly home warranty cost if you have one.
Experts recommend putting aside a minimum of one percent of your home price for repairs and maintenance per year, so add that in. Think also about utilities. If you're coming from a small apartment, you might have a bump in that monthly cost. Only by taking a real look at the numbers can you get a true feeling for what you'll pay every month as a homeowner.
Brought to you by Carrie Lukins, Sellstate Alliance Realty, Colorado Springs, CO
www.CarrieSellsColorado.com Tel: 719-651-2199
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