Are There Hidden Costs of Buying a New Home?

Published On: August 5, 2016|Categories: Blog, Buyers, First Time Home Buyers|

hidden expenses for first time homebuyers tampa bay homes for sale

If you’re like many first-time homebuyers, you’re incredibly excited. You found the right neighborhood, the house is within your budget, and you’re all set to go.

But sometimes unexpected homebuying costs can derail the whole process.

So what are they, and how can you prepare if you’re a first-time homebuyer?

Possible Hidden Costs for First-Time Homebuyers

If you’re buying your first house, you need to know that the spending doesn’t stop with earnest money or your down payment. You’ll probably have to also consider:

  • Homeowners insurance
  • Closing costs
  • Appraisal fees
  • Inspection fees
  • Move-in costs
  • Replacement of appliances the seller takes

It’s important that you know these costs could be coming—but it’s more important that you prepare for them financially.

Other Costs to Consider

When you stop renting and move to a home you actually own, you may find that utilities are more expensive (especially if the home is bigger). Some of that has to do with the home being a stand-alone structure; apartments stay warmer in winter and cooler in summer because everyone in the building is running separate HVAC units.

If your landlord was responsible for paying for water, sewer, and trash pick-up, those costs will be new to you, as well.

Finally, don’t forget about the comforts you need. Cable or satellite TV, Internet and all the other add-ons cost money, which means that you’ll likely shell out a bit more. (Also, don’t forget to make sure that your new home is already wired for cable. The last thing you want is to have a cable company rep taking a sledgehammer to your walls—you know, the walls you actually own now.)

Are You Looking for a New Home in Tampa Bay?

When you’re ready to start looking at homes for sale in Hillsborough CountyPasco County or Pinellas County, we’re here to help.

Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.