1. Closing Costs: These charges are typically due at the time of closing, and can include origination fees, discount points, appraisal fees, title searches, title insurance, lender’s fees, attorney’s fees, and survey fees.
2. Homeowner’s Insurance: You must insure your home against theft, fire, and other insured risks as required by the lender, so budget for this renewal on an ongoing basis.
3. Moving Costs: Budget for the cost of movers, boxes, and packing materials when making your home purchase.
4. Repairs: Depending on the condition of your new home, you may uncover hidden costs for necessary repairs.
5. Landscaping and Lawn Care: Outdoor projects can include plants, shrubs, trees, mulch and garden beds.
6. Painting and Decorating: Depending on the current state of the property, you may have to decorate and paint rooms in order to make it your own.
7. Utilities: Make sure to look into average utility costs before you commit to a home purchase. This includes electricity, gas, cable, water and sewer.
8. Furniture: If you’re new to the area, you may need to factor in furniture costs.
9. Home Security Systems: Depending on your neighbourhood and the type of home, you may need to install a home security system.
10. Taxes: Budget for property taxes that you will pay as part of your overall home payment each month.
