When purchasing a new home, whether an older home or if you’re building, the costs can add up quickly and it can seem daunting. This is where budgeting and planning comes in, so you can be prepared for what is on the horizon. Typically, once a family moves into a new home, they purchase some new things, whether to spruce up their new home, or out of necessity. According to realtor.com, most homeowners spend an additional $10,601 on average AFTER they purchase their new home. Not all new homes come with major appliances, so many homeowners need to purchase a new stove, refrigerator and/or washer and dryer. Additional items many folks purchase after move-in may include a sofa, living room chairs and tables, bedroom furniture, a mower, dining room and kitchen furniture, tools, bedroom/bathroom linens, shelving/cabinets, patio or outdoor furniture, and curtains or drapes. Think about all of these costs so that you don’t get caught off-guard.
If you are purchasing an older home, plan to spend even more money after move-in. While most owners of new homes spend their money on furniture and appliances, owners of older homes tend to spend their money on home repairs and improvements. It’s a trade-off. While older homes typically cost less, maintenance and repair issues surface more, taking time and money to fix. Most older home purchasers spend money on these items after move-in : bathroom/kitchen remodeling, new fence, painting, plumbing repair, HVAC replacement, deck/porch addition, garage/shed addition, new windows, repairs to driveway/sidewalk.
Be prepared for these costs by having a stash of cash available after move-in. Sure, some of the items listed above may be “wants.” However, especially if moving into an older home, you may NEED to make some repairs. A standard rule of thumb with home ownership is that you should be prepared to spend at least 1% of your home purchase price on emergencies or repairs each year. Whether it’s a plumbing issue or heating/cooling problem, these have to be fixed, and typically cost a chunk of change.
Don’t panic though! After the first year of spending, expenses related to home ownership typically die down a bit after the first year. Purchasing a home continues to be one of the best ways for you to accumulate wealth. It will all pay off in the long run!
Purchasing a home is a huge investment and we understand the time and thought that goes into making sure you make the right decision for you and your family. When building with Joyner Homes, rest assured that you will start off with all of your major appliances in your home, so you won’t have that cost after move-in! We also offer a Home Warranty that can help ease your mind with some of the issues that older homes won’t be covered under. Check out our Floor Plans and let us know if you have any questions at all!