Can someone explain the statement "There are so many expenses that go into buying a home!"

We are in the process of looking and we what to know what to expect to pay IN ADDITION THE TO MORGAGE, so we can see what we can afford to buy.

Thank you for shedding some light!

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

I think I understand what goes into closing.

So I mean more the monthly costs (in addition to your morgage), expenses you never planned for.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Aside the closing costs:

- Moving cost (boxes, movers, etc..)
- You may have expenses for moving your utilities

If you move into a house from an appartment:

- garbage cans
- landscaping tools if you don't have a landscaper (mowers, broom, leaf bags, watering hose, etc..)
- new curtains if the hold one don't fit the new windows

The list goes on and on.

Message edited 5/1/2007 7:42:39 PM.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

yes we currently rent, so we know we need decorating/furnature items.
Hoses
ladders
garbage cans
lawn maintanance
tools

But are there other things not factored into your morgage?

Sorry if this is a dumb question, I just don't want to find we got in over our head because we did not account for something.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

You need to be prepared to replace anything essential that breaks or fails unexpectedly, ie: appliances, windows, furnace, cesspool, leaking roof, fallen trees, etc. You may need to have exterminators come if you find a bug problem at any time. We recently had a short in our wiring and had to have an electrician come to do some work.

There are also the upgrades that you may consider essential, ie: replacing a filthy rug, painting walls, installing an alarm, changing the locks. Then there are of course the cosmetic upgrades like redoing a kitchen or bathroom.

Just don't over-extend your budget. As long as your debts are low and you're prepared with some savings to be able to handle an unexpected expense in the $2000 - $6000 range you should be fine.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

I always thought of it as the costs AFTER you close, like all the paint you need to buy. And with paint comes paintbrushes, paint trays, rollers... Then you may need new furniture or want a new rug. Or maybe just replacing some molding. I think it just means small "extras" that add up.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Our large expenses so far have been upgrading the electric, refinishing the floors, paint and paint supplies and misc items from Lowes.

The misc items from Lowes have been things like curtains, curtain rods, towel bars for the bathroom, toilet seats, switch covers, a couple of lamps, a microwave, pads to put on furniture so it doesn't scratch the floors, shelf liner for the kitchen cabinets and drawers, laundry baskets, a hose, garbage cans, etc.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

We also have monthly sewer charges that we did not expect. I think some people have garbage charges.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Ugh- FURNITURE!
New carpeting, paint, new appliances.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

There is always something that happens when you buy a house that you never expect

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

We have had at least one major appliance break per year and they aren't old appliances.

Of course, don't forget water, gas, electric, cable, phone all added monthly to your bills.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

We just moved in 3 weeks ago and our house is pretty much new in all major aspects, like boiler, heater, roof, siding, appliances, windows, ceiling fans, wood floors, kitchen/bath, etc.

Most of the work we've done has been cosmetic but all on a budget. We were fortunate enought to know people that didn't rip us off. You don't HAVE to do any of this but I wanted everything done asap.

We've:
-Painted
-Carpeted bedrooms upstairs
-Bought dining room, EIK, LR furniture and DR fixtures
-Changed almost all the wallplates
-Bought Curtains, lamps, bedding, etc.
-Will be re-doing front stoop within mth
-Had to buy new TV because old one didn't fit in house
-Misc items like tools, etc.

Suprise of the month:
Squirrels and bird nests in our soffits

Other monthly expenses:
landscaping/gardener
cleaners

ETA: Don't let any of this discourage you, somehow someway it always works out!!!

Message edited 5/2/2007 8:57:17 AM.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Expenses after we closed (beyond mortgage, electric, water, gas, telephone, internet, cable):

Carpet cleaning
Painting
Adding some molding
Wallpapering
LIGHTING (in and out)
FURNITURE (inside and out)
Window Treatments
Random Needed Accessories (Bathmats, Doormats, Rugs, Garbage Cans (inside and out), Cleaning supplies, Wall art, Organizational Items (shoe rack, bins), pot rack)

Plus $$$ for when stuff goes unexpectedly wrong (a piece of aluminum outdoor trim just came down in the storm, our pipes got clogged and we had to have a guy come and hose em out)

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Thank you ....those lists and examples do help and give ideas of what to expect!!!!

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Every situation is different of course but we spent about $8-$10K after we closed in December -- this included doing the kitchen (we needed all of the appliances and a countertop, plus installation), buying bedroom furniture, painting, installing an alarm system and some minor repairs.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

What shocked me most is just how expensive it is to repair all the things that break!!!!!!!

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

I keep thinking of the little things that will be different once we get a house.

Right now we have one and a half bathrooms. If we get a house that has 2+ bathrooms, we will need accesories for each additional bathroom. Plus definately more towels and cleaners.

Also, we live in an apartment, so there is no need for equipment/items that are needed for outside. That means that we will need to buy gardening equipment, water hose, lawnmower, rakes, shovels, outside garbage cans, bug lights, patio furniture, sprinklers (if not in ground), plus I am sure there is a lot more that I am not thinking of.

Then we will want to decorate our new place. So figure new window treatments, primer and paint (plus all of the accessories), trim, picture frames, rugs, carpet, etc.

I would like to have the house professionally cleaned before we move in. Carpets as well. Then I will probably need to by more cleaning supplies.

Then factor in the moving expenses - u-haul truck rentals (for our DIY mentality), boxes, packing tape, bubble wrap or stryrofum peanuts. Or the cost of movers plus any tips.

It's the little things that will definately add up.

Re: Can someone explain the statement "There are so many expenses that go into buying a home!"

Lots of closing costs, plus the attorney fee. You will also need Homeowner's Insurance and you may want to purchase Flood Insurance, depending upon the location of the house.

Then, you have all the things you need to do with the house. Even if it appears minor, there are sure to be expenses you would not anticipate. If you have been living in an apartment, you will also need yard equipment such as lawn mowers, etc. You will also need to pay for water and heat which you may or may not pay for now.

It does add up beyond the mortgage.