For Homeowners, Saving a Down Payment Is Only the Start
For Homeowners, Saving a Down Payment Is Only the Start. In 6 Tips for First Time Home Buyers, we advised you to beware of sleeper costs – Comparing the monthly mortgage payments to paying rent is only part of the story. The bank may require property taxes and insurance to be part of the monthly mortgage payment. Then there’s the unexpected. When a couple I know first moved into their house, the front cement porch collapsed, costing them $1.500 to repair.
According to the Omaha World-Herald, “once you move in, it’s also true that the cash tends to keep flying out of your bank account like that money-with-wings emoji. If you drain your savings on closing day, you’ll have to delay furnishings or repairs, to say nothing of less-pressing cosmetic changes.”
“A sizable cash cushion makes the cost of owning a home more manageable. But even if you lack that cushion, it helps to know at least what to expect and what else you may need to finance or start saving for again. Here’s what you can expect:
For Homeowners, Saving a Down Payment Is Only the Start
1. Things will break
Repairing issues yourself is cost-effective, but only if you know what you’re doing. If a repair involves dangerous work or you lack the skills and equipment to do it safely and correctly, hire a licensed and insured professional.
2. You’ll want to make your house a home
When you’re purchasing a house, the furnishings typically don’t come with it. You will need furniture, and you will need smaller accessories like towel racks, shower curtains, shelves, and storage bins that make a space functional
3. Even ‘move-in-ready’ homes need work
A new neighbor told me she spent $500 on an electrician to replace older, ungrounded electrical outlets throughout her house. We lucked out with modern outlets, but not enough of them. We hired an electrician at $75 an hour to install more than a dozen additional outlets. Neither our house nor our neighbors closed as a fixer-upper.
4., Make sure you pull the permits.
Lack of permits can come back on you if you sold the house, and your repairs didn’t comply with building codes.5. Understand the need for Title Insurance.
The seller produces and signs a warranty deed at the real-estate closing. It includes a full legal description of the property and pledges that the seller owns a clear title to the property changing hands. The warranty deed also guarantees that the property is free of all liens and encumbrances. Title insurance can further strengthen warranty deeds that compensate the property owner for any third-party claim on the property.FREE information on How to sell your house fast
Styl Properties, Inc. is here to help homeowners out of any distressed situation.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577.