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How New Homeowners Can Know What To Expect When Buying

By Connor Sullivan

If you are considering homeownership, it is important to consider your costs in addition to mortgage payments. A lot of homeowners make the commitment to buy without realizing all of the additional things that need to be included in their budget. If you are browsing the market, you need to know what lies ahead budget-wise so you can make a smooth transition from renting. If you plan to build a house or build a home, you should carefully consider your finances and determine if you have enough for all of the unexpected costs. Be sure to prepare yourself for things you may not be counting on while shopping.

First, before you you take out a mortgage, consider property taxes. Taxes vary dpending on where you live, so it is important realize how they will affect your mortgage. Also realize property taxes can be raised. Many states and local governments have to adhere to laws concerning how quickly they can rise and how soon after you buy they can be raised. There are areas that have no respect for new homeowners and just raise property taxes as quickly and by as much as they legally can. Take a look at the tax history of the area before committing to live there.

Next, consider what it will take to make your new space liveable. You may have to purchase all new furniture or at least a lot of new pieces if you have moved from a much smaller apartment. While it may not all have to be purchased at one time and you will have the option of buying gently used pieces, it is still a cost you will need to account for.

Also consider the cost of appliances when shopping. If the previous owners leave their old appliances it can save you money, so do your best to make this a part of your offer to buy. If you are buying brand new, the cost may be worked into your price, so you will have the option of borrowing for appliances in your mortgage. Just be sure you understand your needs and how it affects your budget.

Finally, put aside money for emergencies. Even if the place you choose is new and in great shape, accidents and emergencies can happen. It is best to have some money aside to deal with these problems. If there are serious emergencies like a fire, you can rely on the help of insurance. However, smaller emergencies are not enough for a claim and you will need to pay out of pocket. If you have a rainy day fund to deal with emergencies, it will prevent you from getting behind on bills and you will be able to handle emergencies without a problem.

Connor R. Sullivan is going to build a house . He and his wife checked with a couple of build home manufactures to find house plans for a vacation home.

categories: build a house

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Article Citation
MLA Style Citation:
Sullivan, Connor "How New Homeowners Can Know What To Expect When Buying." How New Homeowners Can Know What To Expect When Buying. 7 Aug. 2010. 3 Aug 2014 <>.

APA Style Citation:
Sullivan, C (2010, August 7). How New Homeowners Can Know What To Expect When Buying. Retrieved August 3, 2014, from

Chicago Style Citation:
Sullivan, Connor "How New Homeowners Can Know What To Expect When Buying"

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