Homeownership comes with its own set of expenses that you may not be prepared for. If you are not prepared for them you could find yourself in financial hardship. Always live within your means and know what you can and cannot afford to buy.

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Here are some expenses to expect in the first year of homeownership:

Equipment To Maintain The Home

home expensesIf you haven’t already, you will need equipment to maintain the home such as lawn equipment, a tool box with tools like wrenches, hammers, and drills, and step ladders. Don’t forget cleaning supplies!

Maintaining the home is critical in keeping it clean and safe for your family. It will also help you out immensely if you decide to sell the home. That way, you will not have to pay for repairs and cleaning to get the home up-to-date and attractive to buyers.

New Furniture & Décor

Unless you were lucky to purchase a home that was already furnished, you will need to purchase furniture and décor—especially if that old couch of yours has seen better days. Browse deals and home designs before you purchase so you buy pieces you know you love and will use.

Increased Utility Costs

Living in a home is vastly different from living in an apartment, especially if living costs like utilities were included in your rent. Expect to pay for not only water and electricity but trash and gas. You may also have to pay HOA fees if your home is located in such an association.

Have A Homeownership Budget

Save what you can, when you can for a rainy day. Setting a homeownership budget early on will help you not only keep up with home maintenance but your monthly mortgage payments and other costs of living.

When shopping for a home, meet with a reputable lender, and realtor to help you find a loan that works for you and a home that is within your budget.

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The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.