Unexpected Costs for New Homeowners

Unexpected Costs for New Homeowners

A recent analysis by Real Estate Witch reveals that 81% of homeowner expenses are higher than anticipated, with 69% expressing regrets related to those unforeseen costs. Nearly half of homeowners (46%) say they did not accurately estimate the cost of repairs and improvements before buying. The survey also exposes how little many buyers may know about the true cost of homeownership prior to their purchase. Here’s a breakdown:

Ralph’s Take

Homeownership is a long-term commitment, so it’s crucial to understand as many costs as possible up front. Before signing a purchase contract, I recommend your buyer’s agent:

• Request the most recent utility and landscaping bills from the seller

• Help you hire a qualified home inspector who can advise necessary home repairs and their potential costs

• Put you in touch with a reputable home insurance broker

• Verify the property taxes and the assessed value given by the municipality. If the home is over assessed, you may be able to successfully appeal and reduce the taxes.