Surprising Costs of Homeownership
When buying your first home, you’ve budgeted for the mortgage, insurance, utilities, and other costs. However, these are not the only expenses you’ll be responsible for. Once you are the proud owner of your new home, you’re also responsible for its maintenance. Here are a few of the costs of homeownership that you should budget for.
1. Landscaping
A well-maintained lawn is attractive and helps to boost curb appeal. Some buyers will tackle lawn care on their own while others will choose to hire landscapers. If you plan on taking care of the yard yourself, you will still need to factor in the costs of tools and equipment. Invest in quality tools and supplies so you’ll have them for years to come.
2. Maintaining the HVAC System
The HVAC system keeps your home climate-controlled and comfortable year-round. Yearly maintenance of the system will help prevent issues, but you will have to pay for this service. Maintaining your HVAC unit will help it run more efficiently and will extend the lifespan of the system. It’s best to have your unit serviced ahead of summer and/or early fall.
3. Costs of Homeownership Include Unexpected Repairs
Almost everything in your home has a limited lifespan. You’ll eventually have to replace appliances, furniture, paint, windows, and even the attic insulation.
Budget for unexpected repairs by putting some money aside each month for these expenses. While you won’t know exactly when the washing machine might break down, you can start to plan ahead by learning about the life expectancies of different features of your home.
4. Preventative Pest Control
It is important to keep your home pest-free because termites, rodents, ants, and beetles can cause a great deal of damage. The wooden structure of your home or backyard deck can be compromised.
Chewed up electrical wiring can be a fire hazard. Ants and mice may learn that your kitchen cabinets are a great food source. Routine preventative pest control measures will help you minimize problems related to pest infestations.
5. Cosmetic Upgrades are Part of the Costs of Homeownership
To many people, the idea of owning their own home is appealing because they can customize their living spaces. You can paint the rooms or outside of your new house any color you like.
Homeownership gives you the freedom to change the flooring, update the kitchen cabinets, and install new appliances. Set aside funds for home improvements. Something seemingly inexpensive, like painting the hallway, can become costly once you have purchased brushes, rollers, tarps, painter’s tape, and quality interior paint.
East Carolina Inspections offers home inspections to customers in Pitt, Greene, Lenoir, Craven, Beaufort, Martin, Edgecombe, Wilson, and Wayne Counties. If you’re buying a new home, contact us to request our services.