What Extra Costs Should You Budget for When Buying a Home?

There are four specific costs that you should not forget to budget for when buying a home.

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If you are a first-time homebuyer, there are four costs that you should not forget to budget for along with all the other costs of buying a home. 

The first is the home inspection cost. Once you have made an offer on a property, it is usually time to call a professional home inspector to give the property a once-over. There is no such thing as a perfect property, but if the inspector finds significant problems, you may have to call in a specialist. A general home inspection will cost you between $300 and $700, and additional specialized inspections cost more, so plan ahead.

“While you may be able to put off extensive renovating or large furniture purchases, there are other costs you will want to handle right away.”

The second is the cost of hiring professional movers. You may have handled your last move yourself with the help of some friends and a rental truck, but with all the stress of getting through the home buying process, it is often best for first-time buyers to leave the moving to the professionals. You want to make sure your belongings get to your home safely and efficiently, and the cost of that can vary based on the distance of the move, how many belongings you have, etc. You should plan on spending between $500 and $1,000 though. 

The third is miscellaneous odds and ends. While you may be able to put off extensive renovating or large furniture purchases, there are other costs you will want to handle right away, like changing the locks or paying the fees associated with establishing your utilities. 

The fourth is repairs. Experience has taught me to expect to repair or replace one major item within the first year of homeownership, so it might be a good idea to set up an emergency savings fund to replace a major appliance once it breaks down so you do not have to stress over getting it fixed. 

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