Buying A Home
Inkogneetoh
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
What other expenses should I budget for?
We were just pre-approved for our first mortgage. I'm excited and extremely nervous at the same time. I'm crunching all the numbers to make sure we find something within our budget, because frankly I think we were pre-approved for more than we can really handle.
I know on top of the mortgage payment we'll be paying taxes monthly, and possible HOA fees if we purchase a condo. Are there any other items I need to budget for? Obviously we'll have reserves for emergency situations, but I want to make sure we have the full picture of what home ownership truly costs before we follow through with this.
Re: What other expenses should I budget for?
Homeowners insurance
If you buy a house - Lawn care and snow removal incl. initial cost for equipment.
Where we used to live, we had to pay seperate for our trash removal. They also made everyone pay a yearly fee for every car you owned! (Dumb, I know, and this was the city law, not a subdivision law). Anyways, check with the town to see what other hidden fees there are.
Thanks for the advice, can't believe I forgot about insurance!
When we did our budget we considered increases in the price of our electric, gas, water and sewer cost. If you buy a condo some of those might be included in HOA fees but on a single family home they won't be. You'll want to consider the change between what you are paying now and how much it will take to heat and cool a larger place.
Don't forget about property taxes!
Our house building adventure (UPDATED 8/20/12)
Wedding Planning Bio
Our wedding blogged! (Click Brad & Briana on the right side)
Nest fart
http://pandce.proboards.com/index.cgi#general
Mortgage, taxes and insurance. HOA fees.
Utilities: electric, gas, water, sewer, cable/dish, phone, trash/recycling
Other: paint, window treatments, appliances, new locks, lawnmower, weedwhacker, landscaping (mulch, etc), snow shovels & salt, shower curtains and hooks, toilet seats (some people like to change them out), additional furniture, area rugs, really... the list is endless.
There is a ton of stuff that you'll need for a house. You'll probably spend a couple thousand outfitting it... assuming it doesn't need any substantial work or cosmetic upgrades.
http://pandce.proboards.com/index.cgi#general
In addition to all of this, you will need to set aside money for the inspection(s), appraisal, survey (if it's a SFH), closing costs and moving expenses. If you are renting, read your lease to see if there are any fees you will have to pay for breaking it. Contact all of the utility companies to see if they charge connection fees.
Great points! If you are moving from a small apartment into a much larger home you will probably need several large pieces of furniture. You can furnish your home overtime but you'll probably want at least some things right away.
Don't forget about the washer/dryer and refrigerator. If you are buying an existing home that has appliances that you like, you might be able to ask them to be left. Otherwise, you will likely have to buy them.
Our house building adventure (UPDATED 8/20/12)
Wedding Planning Bio
Our wedding blogged! (Click Brad & Briana on the right side)
All of the stuff PP's pointed out on actual mortgage costs and all of the above. We just moved so I'm thinking about all the stuff at Target that added up over the last 2-3 weeks: stuff like light bulbs, cleaning supplies (will need a dust mop if hard wood floors, etc), Vaccumm (we went from a house with all hard woods to a house with mostly carpet), Bathroom supplies TP, garbage cans, rugs, etc if going to house with more bathrooms, TV's/Media items, These are all items you don't need right away either, but it's amazing the stuff you need when you upgrade your house!
General rule of thumb: keep your housing costs to 25-28% of your TAKEHOME pay (this includes mortgage, PMI, insurance, taxes and utilities +HOA if appllicable. 30-35% if you are in a HCOL area.
Less if you have alot of other debt (car loans, credit cards, student loans)
Keep TOTAL debt load to no more than 40-45%
Was that spam in the middle of a sports article on the "Buying a Home" board? You do realize there is a "Sports" board...
You must be new to spamming. Fail.
http://pandce.proboards.com/index.cgi#general
Mr. Sammy Dog