What Are the Hidden Costs of Buying a Home?

Kevin Langan Phoenix Real Estate Podcast​

Purchasing a home comes with some hidden costs. Today I’ll go over what those costs are and how to prepare for them.

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Purchasing a home is one of the biggest financial transactions you’ll ever make, which is why you should know the money you’ll end up spending goes beyond the sticker price. There are a few things you should do in order to be prepared for hidden costs.

The first thing you need to do is check the amount of your property taxes. Although here in Arizona we have some of the lowest property taxes in the nation, taxes are going up in some areas due to increasing home values.

If the property you are buying has an HOA, look at the history of their assessments and things that the community might need. You don’t want to get hit with an extra cost, so being aware of that is always smart.

Your electric bills might end up being more than you expect.

Something else you have to take into consideration is your utilities. Your electric bills might end up being more than you expect, so make sure you get billing history in order to prepare for high summer costs. Most importantly, make sure your A/C unit is running efficiently.

Lastly, don’t forget about furnishing your house. Many buyers forget to consider the costs of moving, what furniture they are going to keep, what they are going to need to buy, and other things that go into physically moving from one space to another. Those things can add up, so keep furnishing your home in mind when you set your budget.

If you have any other questions, please feel free to give me a call or send me an email. I’m always happy to help.