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These are costs you'll probably never see on a lender's checklist, but they represent real money -- sometimes large amounts of it.
Improvements: Even if your home is in great shape or brand new on the date of purchase, there will probably be things you want to change to make it uniquely yours. New carpet, paint, or countertops, perhaps? It all adds up. If you buy a fixer-upper, of course, you should budget significant money for improvements.
Moving: Unless you're planning to carry everything into your new home yourself, you'll probably need to spend some money on the move-in. The more stuff you have and the further you're moving, the more you should budget.
Furnishings: If you're buying your first home, your old apartment-dweller furniture may not do the job (lawn chairs and futons?). Maybe you want more furniture, nicer furniture, more-coordinated furniture, or fresh-new-start furniture. In any case, you'll need a furniture budget.
Time: Time is literally money if you need to take days off from work to attend inspections and final walk-throughs, complete improvements, sign documents, or move into your new home. If you have vacation time available, great. If not, you may need to account for some unpaid leave when making your budget.
Maintenance: Over the life of a home you may need to repair or replace roofs, furnaces, carpeting, paint, shingles, shutters, appliances, windows, or almost any other feature of your home. These expenses are hard to predict. In fact, you can expect to spend between 1% and 3% of your home's purchase price on maintenance every year.
Utilities: You may be in for some budgetary shock when you go from paying utilities for an apartment to covering utility costs for your first home. Some utilities that are commonly included in rent (garbage collection or water, for instance) are now your responsibility. Additionally, the total cost of utilities you already pay -- such as electricity, heat, and water -- can be significantly higher in a home you own if you have upgraded to a larger space.
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What else can I help you with?
What feature should I look for when buying a digital camcorder?
When buying a digital camcorder you need to consider battery life and memory space. Consider if it has enough memory or will you need to buy an additional memory card.
How much does a nickel bag cost?
It costs a nickel, which is $5. If you need to ask, you shouldn't be buying it. And perhaps you shouldn't be buying it anyway.
What do I need to know when refinancing my home?
When refinancing your home, you need to consider factors such as your current interest rate, the new interest rate being offered, closing costs, loan terms, and how long you plan to stay in the home. It's important to compare offers from different lenders and understand the potential savings and costs associated with refinancing before making a decision.
What should I consider when looking for a VCR buying guide?
When looking for a VCR buying guide, consider the features you need, the brand reputation, availability of replacement parts, and compatibility with your existing equipment.
Do you need to pay to have a Minecraft account?
A Minecraft account is 100% free. But buying the full version costs 28.95.
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Before buying a Gazebo you need to know the size you need and whether or not you need any permits or special permissions from your HOA. You need to also consider what you plan to use it for when determining the size.
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When buying a bicycle, consider factors such as the type of riding you'll be doing, your budget, the size and fit of the bike, the quality of components, and any additional features or accessories you may need.
What you need to know when buying a home?
houses normally cost money.
What factors should I consider when buying a car in Europe for travel purposes?
When buying a car in Europe for travel purposes, consider factors such as fuel efficiency, size and storage capacity, insurance costs, maintenance and repair availability, and whether the car meets environmental standards. Additionally, think about the type of roads you will be driving on and whether you need features like four-wheel drive or navigation systems.
What qualifications are needed to purchase a home?
To purchase a home, you typically need a good credit score, stable income, and enough savings for a down payment and closing costs. Lenders will also consider your debt-to-income ratio and employment history.
What do you need to know before buying a foreclosure list?
If you are planning on buying foreclosed homes, then you may want to consider buying a foreclosure list. Make sure that the list you are purchasing is up to date and accurate.
When should I consider buying cheap insurance?
You should consider buying cheap insurance if it is still a great value and has every benefit that you really need. If you need more coverage and can afford it though, you should go with a higher plan that will serve you better, as it may be cheaper in the long run.
