Here are some other things to factor into your home budget...
ONE-TIME EXPENSES
- Applainces and mechanicals - will your appliances, water heater, furnace/AC need replacing now or in the near future?
- Furniture - if you are moving to a bigger space you will likely need more furniture... and if you are moving to a smaller space you may to get smaller scale furnishings
- Window coverings - will you need new window coverings?
- Updates - if you are planning to do major remodeling you have likely already figured out that cost, but what about minor updates such a fresh paint, new floor coverings, bath and kitchen updates?
- Storage - will you need new storage units? what about an on-going storage facility?
ONGOING EXPENSES
- Utilities/association fees - find out monthly average of current utility costs so you can budget, keeping in mind that your usage could be higher or lower
- Exterior maintenance - you may need to buy some tools to help you save money in the long run, including ladders and power tools; long term maintenance costs could include the roof, siding and trim, windows, sealing the driveway, cleaning/replacing gutters
- Interior maintenance - includes maintaining appliances, plumbing and electrical systems, walls and floor coverings, etc
- Yard care and snow removal - will you need to purchase a lawn mower and/or snow blower? landscaping tools? snow shovel? or hire a service?
- Transportation costs - if you use public transportation, check out routes and cost; if you drive, will your auto insurance costs go up? will your mileage increase? will you need to purchase a vehicle? budget for gas, oil, insurance, tires, regular maintenance
Sharlene Hensrud, RE/MAX Results - Email - Minneapolis-St. Paul Buyer's Agent