Planning for Unexpected Expenses as a New Homeowner

Planning for Unexpected Expenses as a New Homeowner

Congratulations! You’ve just taken a big step toward financial security by purchasing your first home. From the day you close on your mortgage, there is much to be done, from hiring movers to selecting new furniture, to letting everyone know the good news that you’re moving on up! Along with the excitement of moving into your new house, however, there are a few considerations a new homeowner should be pondering. Because purchasing a house is a major commitment, it’s important to devise a plan for unforeseen events that can lead to unexpected expenses as a homeowner. Property Returns, an expert quantity surveyor in Sydney remind us that a getting a quantity surveyor can help you create a sinking fund, which is money set aside to pay for future maintenance and repairs, as well as a tax depreciation schedule, which outlines the cost of wear and tear on the property’s value that can be claimed back a tax time. Here are some of the possible expenses you may be facing in the new home that you never even thought of- along with solutions for planning ahead.

We assume that prior to closing on your new property, you will need to undergo a home inspection, which includes an appraisal of the roof on your house. While arrangements are often made between the buyer and the seller to cover expenses for a new roof, or to pay for any necessary roof repairs, this is not always the case. For example, your roof could look just fine to the home inspector now, only to develop a leak six months down the road. By knowing the year your home was built, obtaining a list of any roof repair or replacement dates from the seller, and setting aside money for a roof repair or replacement when the time comes, you won’t be blindsided with bad news.

If you are purchasing a new build, this may not apply to you for several years. However, at some point in every homeowner’s life, he or she must be prepared to shell out for a paint job on the house. This is especially true if you live in a neighborhood that is governed by an HOA, or Homeowners Association, as you can face serious fines if you neglect to give your home a new coat of paint as needed. Be sure to remember that you will someday need to paint your beautiful new house, and begin saving up several thousand dollars to pay the painters.

Your home’s plumbing system is one of those things you probably don’t think about very often…until something goes wrong! As a new homeowner, it’s vital to keep your house’s plumbing in tip-top shape in order to avoid serious costly problems down the road. Boulder Plumber Flatirons Plumbing recommends hiring a local plumber to regularly inspect your plumbing system and assist with small fixes as needed can go a long way toward keeping your plumbing in proper working order.

Owning a home is a huge milestone, and it’s time to celebrate your success! Just keep these often unexpected expenses in mind and you can avoid being blindsided by expensive major repairs in years to come.

Supon Chakma

Professional Content writer and blogger experts.