The home you buy is one of the most significant financial decisions you will make, and it's about more than just the purchase price. Determining the actual cost of a home you are considering, and whether it will meet your needs within your budget, requires looking at both the one time costs and the ongoing expenses.
We would love to help you find homes for sale in Bend that meet both your needs and your budget. Contact us any time to learn more, and keep these factors in mind to help yourself make an informed and confident decision.
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Some of the one-time costs associated with buying a home will be obvious to you: the purchase price of the home and the down payment, closing costs, and fees you pay to your lender.
However, there are also plenty of other one-time costs that you should consider, which will vary somewhat between the different homes you are considering.
Renovations
As you look at a home, make note of any renovations you will want to do right away. This might be as minimal as repainting or replacing some hardware, or it may be much more extensive.
In some cases, your renovation expenses can be delayed or spread out for years to come, but some homes will require immediate attention after moving in. To be sure you are getting an accurate idea of the cost, make a thorough list of what the house needs right away and then talk with a local contractor or two to get an estimate of the expense.
Furniture
When calculating the cost of buying a home, many people neglect to consider the furniture they will buy right away. Of course, you can expect that you will want to buy some furniture over time, but there may be some things you purchase immediately. For example, your dining table may not fit in the new house, or perhaps the bedrooms will require you to purchase bunk beds or a different storage solution.
Landscaping
There are ongoing landscaping maintenance costs to keep in mind, and then there are one time expenses to also take into account. Don't forget to consider the property the home is on, thinking about what would need to be done to it once and on an ongoing basis. Two houses with identical purchases price and virtually identical size and features can still present a radically different cost depending on the yard.
Appliances
If you are comparing two homes, consider the status of all of the appliances. Does one of the homes require you to immediately purchase a new refrigerator or anticipate replacing the furnace in the immediate future? The cost of updating appliances should be factored in as you consider which is the more affordable choice.
Ongoing Expenses
After you have settled into your home and the significant one-time costs have been covered, the ongoing maintenance expenses set in. This is just as important, even if the costs seem much lower in comparison because these ongoing expenses can make or break your regular budget.
HOA Dues
Find out as much as you can about the HOA if the home you are considering is in a neighborhood with one. In addition to finding out what the dues are, inquire about how the HOA handles unexpected expenses and what kind of cash reserves they keep on hand to manage emergencies and major projects.
Utilities
When you are comparing two similarly priced homes, the amount you spend on utilities may distinguish the two. While you will not be able to get an exact number to reflect the titles you will pay in either home, you can likely estimate which will cost more. Take into account the size of the home and the age, in addition to how new and energy efficient the windows and appliances are.
Lawn Care
Look into the cost to care for the lawn and landscaping at the home. Whether you plan to hire professionals to provide this service or handle it yourself, there will be costs associated. If there is a large lawn, you may need to pay to get a better lawn mower and increase the amount you spend watering the lawn. Other outdoor features may also require seasonal maintenance that you should take into account.
Housekeeping
If you plan to hire someone to handle the housekeeping in the home, this is something to factor in while you are considering the home. Some housekeepers will charge more for two stories, or perhaps charge by the number of bathrooms. Get an estimate from your current housekeeper, or from a few local choices if you are new to the area.
Ready to begin looking for your new home in Central Oregon? We can help. Contact us any time to get started.