You will never find a person in his right mind who would say the purchasing a house is cheap or inexpensive. In truth and in fact, it is really one of the expensive things that a person can purchase in his lifetime. Last year, the average sale price of a single house would normally cost $311,400. This amount is not just a mere drop in the bucket for most, if the homeowners since some of the new homebuyers would tend to spend up to $7,400 for the first two years.
The National Home Buyers Association (HAHB) found out that house purchases have ripple effects and lets the new homeowners shed out a lot of money compared to the average. Below are the common hidden costs, which help increase the purchases of every homeowner.
Resist On Purchasing Brand New Appliances
You need to resist buying new systems or appliances when you get a new home since you still have to consider a lot of bills that will come your way. Instead of buying these new appliances, you can just use your old ones and fix it if you can.
No To Remodeling Projects
When purchasing a house, you do not have to undertake a remodeling project immediately or in that instant. One of the best parts of moving to your own house is that you no longer have the need to worry about the do’s and Don’ts that your landlord is dictating every single day. It would also mean that you have to be more responsible than the usual since you have to maintain the cleanliness of your home.
Maintenance will always be in the picture. Your appliances may break down as you know it, your bills will haunt you, and other systems may fail. However, you need to remember that everything will be worthwhile in the end. Based on the US News, new homeowners will have to spend around 1% up to 4% of their house’s value every year when it comes to the maintenance costs.
If you want to save money, what you must do first is to resist on remodeling your house within your first year or more. You can also look into a home warranty to defray your expenses since it will cover most of the appliances and systems you have at home.
No More Unnecessary Furniture
Bear in mind that you do not have to buy a lot of pieces of furniture to fill up the space of your home. You need to save your money for more important things rather than spending it on furniture that will decrease your home space.
According to the Bureau of Labor Statistics, NAHB, and based on the Consumer Expenditure Survey, the new homeowners would spend about $5,025 simply on purchases of new furnishings. It can never be denied that a lot of their savings or money is spent on unnecessary bedroom furnishings, most especially on the mattresses. These new homeowners would outspend the existing homeowners 6 times the rate. Although it may sometimes be logical to buy a lot of bedroom or living room furnishings because of the additional family members during the holidays, it is still impractical to purchase a lot of furnishings when in then end it is not being used constantly.
Aside from mattresses, another big ticket that some of the new homeowners buy is a sofa or couch. They can spend around $746 or more just for a single couch. You should always remember that when you purchase a home, you don’t have to feel that you have the obligation or need to purchase brand new furniture. You can just use your old furnishings to save some money. It is even better not to overcrowd your home space so that you will still be able to decorate and rearrange your furnishings as you deemed it to be.