There are plenty of hidden costs of homeownership that buyers forget to account for when purchasing a home. From property taxes and homeowners insurance to closing costs, there’s plenty to look out for during your real estate acquisition. According to the National Association of Home Builders, new homeowners also spend on average $10,600 within the first year of ownership on things like new appliances, furnishings and additional repairs and alterations.
The infographic below from CAR outlines the average costs most buyers spend within their first year. You may already have a couch and dining room table, but it’s a good idea to consider the additional costs that could be coming your way.
For help budgeting for your new home purchase, work with a First Team Real Estate agent. We won’t leave money on the table during negotiating that you will need for a new washer and dryer.