Creating a Realistic New Home Budget
You’re probably aware that there’s more to the cost of a new home than its purchase price. So, to help you make an informed decision, ask yourself the following questions:
- How much do you expect to pay for moving expenses? Don’t forget to include packing materials in your calculations.
- “Closing costs” are the extra charges you will have to pay at closing. How much do you expect your closing costs to be?
- Estimate how much you’ll pay for activating your phone, internet service, cable television, and other utilities in your new home. These little costs can add up.
- Will your new property require painting, repairs, and other preparations once you move in? How much will they likely cost?
- Will you need to purchase new furnishings, decor, and other items for your new home? What’s your budget for those items?
The more aware you are of the true costs of a home you’re interested in buying, the better choices you’ll be able to make about that home. If you decide to buy, you’ll be able to do so with much more confidence.
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