Buying a Home? Keep These Hidden Expenses in Mind

The home buying process, while often a joyful experience ending for many with a beautiful new home, can often be a stressful time. Not only are factors that can drum up a lot of emotion at play — where will the kids go to school, is this location too far from family, etc — but on top of that, there are always the more straightforward, numbers-based questions.


“Will we be able to afford this monthly mortgage payment?” “How long will my commute be from here?” “Is this enough space for us to live in now — and even in three years?”


Lots of questions on both sides and everywhere in between can make it hard to remember some hidden costs that you might have to pay down the line. And not in a bad way necessarily, as some of these costs can help improve the value of the home.


Working on a home’s exterior, interior, top, bottom, inside, outside, left, right — it all has to be done at some point. The question is: “When is the last time it was done and will you need to be responsible for doing it anytime soon?” Here are some questions to consider the next time you step into an open house.


“When will the exterior of the home have to be re-done?”

If you’re really serious about buying the place, make sure you ask your inspector to take a good look during the inspection phase at whether or not the home has to be repainted anytime soon. If you do end up having to paint, remember that you might want to consider bringing in an exterior paint color expert to help you make your big purchase worthwhile. While you might not look up a color consultant right after closing, remember that for further down the line.


“Does this come with public sewer or will I need to maintain a private sewage treatment system?”

Everyone’s favorite topic, right? Keep in mind you could either be looking at a regular monthly bill as an added utility cost, or more intermittent costs such as pumping your septic tank or cleaning out your cesspool. And of course, if it’s a private system, make sure you ask the selling agent how old it is. If little information is available, assume the worst.


“How energy efficient is the home?”

Watch out for old windows that have to be replaced. Not only do they suck up warmth and throw it out into the dead of winter, but then there’s the obvious cost of installing new ones to start with. How is insulation in the home? Do the rooms you’ll be spending time in get some sun for the winter, and/or some shade in the summer? Consider your energy bills.

While there are several other factors to consider, hopefully this got you going in the right state of mind next time you tour an open house and get wow’d by the staged furniture and heated bathroom floors. Sadly, it won’t look that way forever, but if you prepare yourself for future costs, you can make sure you’re well-prepared to handle what comes your way.