Many articles have been written about the immediate costs that go along with buying a house. Closing costs such as appraisals, title searches, and surveys must be figured in. Also, home purchasers must keep in mind upfront homeowner’s insurance and property tax payments, as well as, “points” paid to bring down loan rates. Calculators abound that will help buyers figure these costs up quickly.
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What you do not find much information on the web about is home ownership costs that you may incur in the first six months that you are in your home. These move in costs can add up quickly. Saving money to cover them is a smart financial play.
Immediate Move In Costs (Within the first few weeks)
Changing out the Locks in your house. For obvious reasons, you do not want to keep the same locks as the ones that you are given upon purchasing the home. Who knows who has a set of those keys and when they might decide to see if they still work.
Deposits required to Connect Utilities. If this is your first time working with particular utility companies, you have a less then perfect payment record, or are moving from out-of-state, you may be required to put down a deposit to turn on your electricity, gas, or water. If you will using cable tv service, you may be on the hook for device rental or set-up charges.
Costs associated with Setting Up Internet Service. Though some people will use only their phones or other mobile devices to access the Internet, many individuals still opt to have connectivity directly in their homes. If you are such a person, you are not alone.
According to a Pew Research Center study, 67% of Americans have access to broadband in their homes. When installing broadband in your newly purchased home, you may encounter set-up charges our equipment rental fees.
Advance Payment for Alarm Service. If your home comes with an alarm system already installed, you may need to fork out advanced monthly payments to ensure continued service without interruption.
Homeowners Association Dues. If your house is in an area governed by a neighborhood association, you may need to pay dues upon moving into your home. Also, be sure before purchasing your home, that you review the homeowners association covenants so that you understand the requirements for yard and home maintenance and any restrictions on home renovations.
Purchase of Appliances and other Home Essentials. You may need to purchase a refrigerator, washer, dryer or other appliances for your new place. Also, others things such as shower curtains, garbage cans, light bulbs, ladders, Smoke/carbon monoxide alarms, cleaning supplies, power strips, toilet plungers and fire extinguishers may be needed. If the weather is warm and you do not have a sprinkler system, you may need to get some watering hoses.
Also, if it is prime grass growing season, and you don’t already have a lawn mower and weed eater you will need to get those or pay a lawn service. If it is winter time, shovels and a snow thrower may be needed.
Buying and Installing Items that Baby Proof Your Home. If you have young children, you know how quickly they can get themselves into precarious situations. Baby proofing the new house is one of the absolute must first dos. Even if you are bringing some safety equipment with you, more baby gates, child safety cabinet locks, electrical socket and stove knob covers, and cord shorteners may be needed.
The First Six Months Move In Costs
Additional Home Furnishings-After having been in your new home for a bit, you may decide that you need some additional furniture, lighting, or wall decor. Maybe you need a few more tools to hang things on the walls, tighten a few loose screws, adjust a sliding door, etc…
Landscaping Tools and Plants– Once you have settled into your home, you may want to add to or change your yard’s landscaping. At a minimum, you will need to maintain what you have. You will either need to pay someone to do the work for you or invest in a rake, garden gloves, and some pruning shearsand do it yourself.
By knowing the types of expenses that can arise once your are in your home, you can plan ahead and set aside funds to cover these costs. This will keep your financial house on solid ground.
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