Buying a house is a very big step and a very large investment. You will need a down payment and money for closing costs but many people do not realize that there are other expenses associated with the purchase of a home after the closing period.
While these expenses can vary from one home purchaser to another, it is always a good idea to plan ahead so that your budget can cover all of the costs, and the following are a few aspects to keep in mind:
Moving costs
This will depend on the amount of stuff that you have as well as your timeline. If you need to rent storage, make sure you include this cost in your budget. You will then have to look at the costs of hiring a professional moving company versus doing it on your own and will have to determine which option would be best for you. Doing it yourself is not always cheaper because you will have to rent a truck and pay for gas, so be sure to keep this in mind.
Utilities
You will need electricity, natural gas, water, cable and internet as soon as you move in, so make sure to contact each of these service providers prior to your move-in date to get estimates. These services will start the day that you move into your new home, so make sure you are ready for the monthly bills that will arrive.
Household items
Most people need to purchase at least a few new items when they move into their new home, so set a budget aside for items like shower curtains, lightbulbs and hampers, for example. While these items are generally inexpensive, they can add up, so make sure you factor in these costs. You may also need a new vacuum or appliances, so the costs will vary based on your needs and the most important thing is that you are prepared for such expenses.
Window treatments
Some homes do not come with window treatments or you may dislike the existing ones if they do not match your personal style or taste. If this is the case, you will have to budget for new window treatments or replacements, and the costs will vary based on the size of the windows, the quality of your preferred materials and installation. Every home needs curtains, blinds or shades, so make sure you allocate a budget for these.
It’s hard to predict the exact amount that you should budget for expenses after closing because the number will vary dramatically but being prepared is extremely important.
Cherry Yeung Real Estate can help you find your perfect home and our real estate agents will guide you every step of the way. Whether you are looking for houses for sale in the Richmond area, want to buy a condo in Vancouver or need a realtor in the Burnaby area, we can help, so give us a call today!