So you’re thinking of buying a new home! House hunting is one of the most exciting and liberating things a person can do; you’re investing in your future and building a home for you and your family. While most renters are incredibly excited to buy their own home, some can’t jump in too quickly and feel incredibly overwhelmed with all the new responsibilities of homeownership. One of the biggest differences between buying a home and renting is the list of unexpected expenses; they can come in the form of maintenance, repairs, and shifting utility bills, taxes, insurance and homeowner’s association dues. Renters often times go from a flat, monthly rate that fits nicely in their budget to a major spike in unexpected and fluctuating expenses. While homeownership provides an endless amount of benefits like tax deductions and investing towards your future, we want every potential home buyer to consider the following before deciding to buy a home:

New Expenses – Most renters are aware of paying a utility, cable, and even water bill, so many of these expenses won’t come as a shock to them. What can confuse and frustrate a new homeowner is fluctuating taxes, insurance bills and homeowner’s association dues, and usually they don’t “fluctuate” to your advantage. Luckily, most mortgage brokers will escrow your taxes and insurance into your mortgage payment, so you will still have one bill, but if you make a claim or your insurance goes up due to natural disasters or a new flood zone designation, that can be an extra monthly expense that you weren’t expecting. Taxes also tend to increase each year, so if you’re not making more money each year, you’ll feel a bit more pinched. One of the ways to minimize any crazy jumps in HOA dues is to join your association and be an active voice in meetings. Many times residents are encouraged to take an active role on the board, and can truly make positive changes and can even take control of the budget, but very few actually do.

Savings – As much as we love new homebuyers, we really like to encourage having a decent emergency fund set up before looking to buy any Cherry Creek homes for sale. We’re talking not only savings for any major repairs like a roof, A/C or water heater, but an emergency savings in case you get injured, laid off or in a car accident. What happens if you can’t work for a few months? Even held up in a lawsuit, your mortgage is still due every month. We suggest homebuyers have at least six months of expense money saved up before buying a home as well.

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