Purchasing a home is a major milestone for first-time buyers. As you start browsing and get deeper into the sales process, it’s critical to remain level-headed. Unexpected expenses can arise, and it’s important to be prepared to avoid being caught off guard.
A big reason first-time homebuyers don’t expect the costs is the emphasis placed on saving up for the mortgage. Many are advised to save up just enough for the down payment, leading them to believe they’re ready to secure their dream property once that money is in hand.
A follow-up reason could be simply diving into the process without evaluating all of the costs and understanding whether it fits their finances. Unexpected expenses that may pop up can be categorized as:
Contract details: The fine print is more important than you may think. It will include necessary information, such as closing costs and property taxes.
House-related costs: Fixer-uppers aren’t the only kinds of homes that will require remodeling. Even used homes in good condition may need a refresh.
Utility bills: Owning your own home means committing to paying a wave of utilities regularly. In Utah, the residential average monthly bill was $94.57 in 2024.
Emergency expenses: In the event of an emergency, such as a tree falling on your roof, you’d have to hire emergency maintenance services or get your own equipment to fix the damage yourself.
Unexpected expenses are hiding throughout the homebuying phase. Here are some to look out for.
Some homebuyers may forget about moving costs right after acquiring their home. The average price of hiring movers is $1,705, and that can still vary depending on home size and move distance. You’d also have to consider additional services like packing if you need extra hands.
Current furnishings, such as window coverings and cabinet hardware, may not align with your style, so replacing them will require additional funds. You may also have to consider upgrading the floors after moving, especially if they’re damaged. High-quality laminate products are about as costly as low-quality hardwood options, while varying in resale value and maintenance needs.
If you’re moving to a tight-knit neighborhood, expect to pay homeowner association (HOA) fees. These dues are typically paid monthly by property owners in the community to help an organization maintain or improve the common areas and facilities.
Getting a new home and finding pests in it is unpleasant. Professional pest control services can cost up to $500 per appointment. The total varies depending on the type of insect or rodent you're dealing with and the severity of the infestation.
The best way to deal with unexpected expenses is to be aware and involved in the homebuying process. Here are some tips to help you prepare.
Ensure your homebuying budget includes more than just the down payment. Account for unforeseen expenses when setting a savings goal. When remodeling, experts recommend allocating up to 10% of the budget for such costs.
Your final decisions on the changes going into your home will affect your budget. Plan ahead and be intentional with your home renovations. For example, if you’re sure about replacing the wall paint or flooring material, note that expense in advance.
Regularly review your finances to track all homebuying expenses, and seek assistance to hold yourself accountable and get valuable advice. In 2024, 49% of Americans learned about personal finances through family and friends, so don’t be afraid to ask.
There’s only so much information that you can take on your own, so consult experts to help you throughout the process. For example, a real estate lawyer can read the contracts for you, while an inspector can identify damages to save you from sudden repairs.
While getting your first home is exciting, avoid letting your emotions blindside you to the additional expenses you may face throughout the process. Anticipate unexpected costs and ensure your finances are prepared to take the hits. This mindset enables you to enjoy your home without financial stress looming in the background.
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