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Budget Busters: Household Expenses you may not have Considered

Posted by VIP Realty on Friday, April 23rd, 2010 at 10:47am.

One of the very best things we can do when considering purchasing a Terrell Hills home is to determine how much we can afford to put towards housing expenses each month. As a result, we consider things such as our monthly mortgage payment, our homeowners insurance and our taxes into our monthly household expenses. However, not many of us take it further and really dig deep to find out how much our dream home will cost us each month. Before you sign on the dotted line for your new Terrell Hills home, don’t forget to consider the following hidden expenses:

  • Landscaping – Does your new Terrell Hills home have a sprawling backyard that is the envy of the neighbors? Although a great yard is often a selling point, consider the cost of maintaining your yard and landscape. In particular, will you pay to have the lawn mowed, the landscaping pruned and the flowers watered? If so, you may be looking at considerable monthly expenses.
  • Homeowners Association Fees – Owning a home in a community with loads of amenities and services can be quite rewarding; however, if your homeowner’s association fees are costly, your budget may become strained. Before purchasing a home in a community with homeowner’s association fees, learn more about the fees, whether they are monthly, quarterly or annual fees, and whether they are likely to increase in the future.
  • Emergency Repairs – Never stretch your budget so tight that you can’t afford to put money aside each month into an emergency savings account. Having money put aside to cover the expenses of emergency repairs is vital if you are a homeowner. Some household emergency expenses, such as furnace and air conditioner repair or replacement, can cost thousands of dollars, so it is always important to have extra money set aside for such expenses.
  • Furniture and Decorating – Don’t forget the added expense of furniture and decorative purposes, particularly if you are moving into a larger home. From decorating services to draperies, many homebuyers do not realize just how much money it can end costing – and how big of a bite it can take out of their budget.

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