With bidding wars, and low inventory causing housing prices to continually rise in the Seattle marketplace, unexpected financial burdens can arise. Purchasing a home is an exciting time, especially for first time home buyers, so to avoid any unplanned surprises, it is wise to prepare and save for the unexpected. There are expenses you know to prepare for such as standard mortgage, tax and insurance calculations that come with closing, but other costs build up after it is all said and done such as decorating, seasonal updates to the home, roofing expenses, and landscaping. While it may be easy enough to come up with a budget for weekly or monthly expenses, looking at the bigger picture and figuring out the larger projects to spread out throughout the year will help you get a better idea for an estimated budget for home improvement expenses. Ongoing expenses like utilities, and garbage/recycling can also be more expensive when you own a home, so be prepared for a significant increase when comparing to what you’d paid previously as a renter.
Renters do not typically have to pay for services such as hiring a plumber, fixing a garbage disposal, or updating a patio deck. These expenses add up quickly, so make sure you have saved enough to provide a nice cushion for first year homeowner expenses. We suggest you continue to save and put money aside every month for ongoing expenses that may arise with owning a new home, that way you’ll always be somewhat prepared for the unexpected. If you’re interested in Seattle Real Estate, contact your local real estate expert today!