I'm a first time house buyer?

Question

I support 4 other people, and wanted to know all of the expenses I would have..

Please make a list..

Answer 1

All of the ones you have now, except add on:

Mortgage payment
Property taxes
Homeowner's Insurance/Association Dues
Extra $ if something breaks, such as your water heater

Answer 2

I won't list household consumables such as food and cleaning supplies, etc. because that will be about the same whether you rent or own your home.

Some items that will be new to you because you own instead of rent are:

1. Mortgage payment (includes principle and interest. This replaces your former rent payments.)
2. Property taxes. (This might already be included in your monthly mortgage payments. If you don't know, you need to ask the bank.)
3. Homeowners insurance. Like property tax, this could be included in the mortgage payment. Find out.
4. Repairs and maintenance of the house. All those things you used to call the landlord about to fix are now your expense.
5. Lawn care. (I don't know if you paid this as a renter or not but it's on the list.)
6. Condo fees or association fees. Only if you buy a condo or a house in a neighborhood with an association. If you don't know, ask your real estate agent.

Answer 3

If you are currently renting it should be about the same except your house payment will probably be a bit higher than your rent..(taxes, insurance and such should be included in your monthly house payment)

If you are renting and there are things there that are with the apartment you may have to buy your own....ie....Stove, refrigerator, washer, dryer, lawn mower....

Also when you become a home owner if something breaks you get to pay to fix it....NO more calling the landlord to foot the bill for the repair...

Good Luck and I hope you enjoy your new home..ss

Answer 4

First and foremost..... UNEXPECTED EXPENSES!

It is absolutely essential that you have enough buffers for unplanned issues that will arise. Example of these will be:

1) finding termite problems
2) plumbing problem
3) electrical problem
4) hidden structural problem
5) roof problem
6) mechanical issues (such as a/c)

If you are buying pre-existing homes, those are real threat. Don't be fooled into believing that home inspection will revieal all of these and you will be covered by law or warranties. Even if they were (not always), you will need to take care of them while you fight with someone. Any of them will be very costly but is essential for your safety and comfort.

You will also need to purchase window coverings and have it installed. (blinds, curtains)