5 Expenses All New Homeowners Should Be Aware Of

Property Tax Reduction Consultants

125 Jericho Turnpike, Suite 500 
Jericho, NY 11753

(516) 484-0654 or (631) 484-0654

Before setting out to buy a house, one of the most obvious things to do is sit down and figure out where you stand financially and determine what you can afford - here, you'll take into consideration things like estimated mortgage payments, insurance, and property taxes.

However, although these are some of the "big" expenses, there are several others that must not be forgotten, as they too have a large impact on what becomes realistic for you. To help you ensure that you're looking for homes that are within your budget (remember - you don't want to take on too much and become "house poor"), we've listed out some additional expenses all homeowners should be aware of below.

Utilities

Your utility bills include things like electricity, water, and gas. Even if you're already living in your own home, don't assume that what you pay in utilities now will transfer over exactly to your new home - if it has more square footage, expenses may go up as there is more space to heat and cool throughout the year (just as an example).

Cable

It would be pretty hard to live without TV and WiFi these days! If you'll be using the same provider for your new home as you were in your last home or apartment, you can likely estimate your future cable expenses pretty well. But, if you plan to add additional TVs and cable boxes or upgrade your WiFi, you should prepare for a change in costs.

Landscaping

This one is especially important for you to know if you're going from renting to buying. Of course there are some homeowners who choose to eliminate landscaping costs by doing the work themselves, but even in that case it still becomes your responsibility to purchase the tools and materials needed to take care of your yard.

Repairs

Even if the home you buy is not a fixer-upper, keep in mind that things like the roof and HVAC system won't last forever. If you choose a home where you know repairs will be needed sooner rather than later, you'll need to make room in the budget beforehand so that you aren't scrambling to save and cover such costs right after moving in.

Homeowner Association Fees

If you're hoping to purchase a home in a community, especially one with amenities such as a swimming pool, fitness center and clubhouse, there may be a homeowner association fee required to cover costs such as ground maintenance - this fee may be monthly, quarterly or yearly.

If you're getting ready to start house hunting, don't forget to consider these costs when coming up with your budget. And as you do so, a good trick is to even overcompensate for some of these expenses so that you're prepared financially in case something should surprise you down the road.

Since 1990, P.T.R.C. Inc. has been specializing in reducing property taxes for Long Island homeowners. As one of the leaders in property tax challenges on Long Island, P.T.R.C. Inc.'s mission is to ensure that clients pay the lowest amount of property tax as required by law. For more information, call (516) or (631) 484-0654 or email info@ptrc.com.