You’re probably aware that there’s more to the cost of a new home than its purchase price. So to help you make an informed decision based on all of the expected costs, ask yourself the following questions:
• How much do you expect to pay for moving expenses? Don’t forget to include packing materials in your calculations.
• “Closing costs” are the extra charges you will have to pay at closing. How much do you expect your closing costs to be?
• Estimate how much you’ll pay for activating your phone, internet service, cable television, and so forth, at your new home. These little costs can add up.
• Will your new property require painting, repairs, and other preparations once you move in? How much will they likely cost?
• Will you need to purchase new furnishings, decor, and other items for your new home? What’s your budget for those items?
The more aware you are of the true costs of purchasing a home, the better your decision making will be. And, if you decide to buy, you’ll be able to do so with much more confidence.
CREATING A REALISTIC NEW HOME BUDGET
