Common Expenses After Buying a Home: How to Save

Common Expenses After Buying a Home: How to Save

Other Costs of Moving to a New Home Budgeting is critical when you’re buying a home. Everyone knows that buying a home can be expensive, but some home buyers fail to take into account the expenses incurred after the purchase takes place.

The following expenses are important to take into consideration when saving for your home purchase.

Moving Expenses

Whether you’re moving across town or out of state, relocation can cost thousands of dollars. Fortunately, moving companies offer many options for home buyers, so you can pick the right type of relocation for your needs.

Cost for a typical intrastate move: $2,300

Cost for a typical out of state move: $4,300

Ways to save: Moving companies can be as full-service or DIY as you want, so there are many opportunities to save money.

  • Get boxes for free from local large businesses like grocery stores, hospitals and home improvement centers.
  • Sell, give away or throw away unneeded items before moving.
  • Drive the moving truck yourself.
  • Get friends and neighbors to load and unload the moving truck for free.

Home Storage Solutions

Many new homeowners find themselves needing all new storage solutions for their closets and garage. Modular storage, storage tubs, shelves and other storage options are all common necessities after moving into a new home.

Average cost of closet organizers: $812-$2,042

Ways to save:

  • Buy second-hand storage solutions from garage sales and consignment shops.
  • Start shopping well before you move in, so you can take advantage of sales as they arise. This may require you to take measurements of your new home during the escrow process.
  • Make your own shelves as a DIY project.

New Furniture

New furniture can be a necessity for home buyers for a variety of reasons. While some home buyers feel the need to buy new furniture because their old furniture simply doesn’t match their new home, other home buyers must buy new furniture to fill more space, because their new home is larger than their old home.

Ways to save:

Home Improvements

Home improvements are a major expense for new home buyers. Interior painting, carpet removal or replacement, fence repair or installation, replacement of an electrical panel and new fixture installation are all common home improvements that home buyers face when moving into their new home.

Ways to save:

  • Become a DIYer. Making home improvements yourself can save you hundreds or thousands of dollars. However, it’s important to know your limits and avoid taking on improvement projects that should be done by a professional. Structural changes and changes to the electrical system, for example, are best handled by a contractor with experience, training and a license.
  • Put off cosmetic improvements. Cosmetic improvements can make your home more pleasant, but if you’re on a budget, it’s best to do the critical improvements first and cosmetic improvements second.
  • Take your time. Go slow with your home improvement projects to buy materials when they go on sale or clearance.
  • Get multiple quotes. Check out many contractors before settling on the right one for your needs. Getting multiple quotes will help you get competitive bids.

Talk To Your Real Estate Agent

Your agent will have information that can help you anticipate costs and budget for your upcoming move. The more they understand your personal situation, the better they will be able to tailor advice to your specific needs.

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