If you’re in the process of buying a new home – or you soon will be – then you are likely already familiar with the fact that you will need to come up with a relatively large amount of cash in order to get the deal done.
For example, in most cases, a down payment will be necessary, as well as a long list of closing costs. But, once the ink is dry on the paperwork and you’ve finally settled in, it’s possible that you may still need to come up with some additional funds. Having at least a ballpark idea of what other expenses to anticipate can be helpful, so that you aren’t taken by surprise.
A recent study by Realtor.com found that if you purchase an older home, you could incur some or all of the following expenses:
- Bathroom / kitchen remodeling
- Plumbing repair
- Replacement of roof and / or siding
- HVAC update or replacement
- New windows
- Driveway and / or walk repair
While the expense of an older home could be significant, the Realtor.com study also found that buyers of newer homes (those that were built in 2012 or later) might also have to fork out a fair amount of cash – on average more than $10,000.
Unless you are purchasing a brand new home, the reality is that you are likely to have at least some amount of added expense after you move in. However, if various items show up in the pre-purchase inspection, you may be able to negotiate with the seller for who pays some, or even all, of these costs.
Working with an experienced real estate professional who can negotiate these items for you can be extremely beneficial and cost effective. So, if you’re ready to start looking for your next home, we’ll go to bat for you. Give us a call today.