Most first-time homeowners don’t realize that expenses don’t stop after you pay the down payment, as there are other necessities your house will need! As a first-time home buyer in Phoenix, one of the most practical solutions to this dilemma is to ensure that you have a good cash cushion even after making the down payment on your home loan.
Take into consideration what your home needs, in addition to your monthly mortgage payments. This way, you can either prepare for that extra or know what to save up for in the months to come after you get the keys to your new home.
Here are the potential additional expenses you can look out for when preparing for and inspecting your house:
The “Proofing” Your New Home
The first few months of homeownership are usually spent fixing up all the flaws you overlooked when you initially viewed the home during the open house and the final inspection. There are simply some flaws that you won’t notice until you’re living there yourself. It could be a few electrical sockets that don’t work or the shower refusing to run when the toilet is flushed.
Be as observant as you can be during the open house. Better yet, come prepared with a checklist of all the appliances, fixtures, and fittings you intend to test out and inspect every nook and cranny of the place! Furniture placed in strange positions or locations might be covering up an issue, so it’s perfectly acceptable to look behind it and see just what’s going on.
However, this doesn’t mean everything needs to be in perfect condition upon move-in. There are some parts of the home that you can mark as for repair later with the help of your home inspector. Figure out what you can do for the meantime and what you can save up for—but don’t neglect regular maintenance to keep things working!
The Fixtures That Are Prone to Breakage
Knowing what to inspect for signs of age or near breakage is crucial before you move in. Paying close attention during the home inspection is a must to watch out for signs like mold, plumbing issues, and leaking roofs, to name a few. Any of these can be used as a point of negotiation with the seller to lower the house’s selling price or fix the repairs before it is turned over to you. Do this with your agent before finalizing your loan with a Phoenix mortgage company.
Be sure to keep an eye out for electrical and plumbing issues and the age of appliances. Set up a repair fund worth a few thousand dollars as well so that you’re ready for any scenario.
The Costs of Creating a Home
Then, of course, there’s the cost of turning a house into a home where furniture is no longer just part of a rented space but an investment piece in your own space. Furniture can cost up to $10,000 for quality pieces, along with accessories like shelves, storage, racks, and bins that make space more functional.
Fortunately, spending on furniture doesn’t have to burn a hole in your wallet. Save by scouting secondhand or quality antique pieces that are still in excellent condition for a fraction of the price of something brand new.
While doing small projects, like installations or setting up furniture and fixtures, make it a DIY effort to save some cash. Bigger projects are something you want to save up on, such as a patio or other major renovations for which you’ll need to hire a general contractor to accomplish.
Your Phoenix Mortgage Broker – Desert Springs Mortgage
Spending for your home doesn’t end with its down payment and the subsequent monthly payments that you have to do. It’s a lifelong commitment to taking care of the house as it continues to provide the necessities and comforts of a home for you. Knowing what to look for when home buying can guarantee a better living experience down the line with a more reasonable expense to make it a home worth living in.
Taking out a loan for your dream home requires the help of an excellent mortgage broker in Phoenix. Here at Desert Springs Mortgage, we offer various lending services and other financing options to help you find your ideal home. To get a free quote and learn about our other services, contact us at (623) 432-1309 today!