What Buyers Forget When Buying A Home

by Keith Evans 02/14/2019

When you’re buying a home, there’s a lot of excitement that surrounds the search and purchase of the property. In the process of buying a home, however, there are many things that buyers forget to take into account during their search and budgeting. Below, you’ll find some information to help you be prepared as a buyer to consider your home purchase from all angles without missing a beat.  


The Expense Of Closing Costs


Remember that closing costs will be somewhere in the 3-5 percent range of the purchase price of a home. Amidst all of your savings, you’ll need to consider this a part of your expenses. Closing costs need to be paid upfront in most cases. You can roll your closing costs into the financing, but it depends on the circumstances. There are no guarantees that the lender will agree to it. Your realtor can also sometimes negotiate for the sellers to pay the closing costs, but in a seller’s market this is quite rare. Be prepared with your closing costs and understand how much you’ll need to spend so that you have an appropriate amount for the downpayment and the other expenses that you’ll incur during the process of buying a home.  


The Cost Of Maintaining A House


Many buyers forget about all of the costs that they will need to pay for after they finish buying the house. In addition to a monthly mortgage payment, you’ll need to pay for things like utilities, routine home maintenance, furnishings, and more. If you completely deplete your savings for the purchase of the home, there’s not a whole lot of wiggle room for you to pay for additional needs in the house. 


The Cost Of Furnishing And Decorating A Home


You may move into a home with a few pieces that you have previously owned. You could also need a lot of things from a bed to a sofa. All of these items can add up. You may even have to worry about little things like window shades, curtains, lamps, light bulbs, and more. 


Home Repairs Can Cost A Pretty Penny


If something needs to be done in your home, the repairs can cost you quite a bit. If you’re not paying attention during the home inspection, you’ll be in for some surprises. That’s why you need a good realtor to help you through the process. A new roof can cost thousands of dollars. New appliances are an expense you should plan for. Other major work that needs to be done around the house can also dip into your savings significantly. As a buyer, you need to be prepared for any of these expected or completely unexpected costs.           

About the Author
Author

Keith Evans

 I am a Sales Vice President with William Raveis Real Estate in their Regional Office and lead a $25M+ mega agent sales team. I have successfully been involved in investing, buying, wholesaling, developing & selling thousands of Connecticut & New York properties for hundreds of millions of dollars. Known as a creditable "field lieutenant", I have a strong history as a leader who "rolls up his sleeves" and knows what it takes to get the job done. I am additionally the founder and Executive Producer of the media company Selling Connecticut, a podcast series that acts as an independent ambassador; promoting the reasons why people choose to live, work, build careers & businesses in this State.

Prior to joining William Raveis, I started a chain of Keller Williams Realty franchises throughout Connecticut and New York, developing and building four market centers with over 700 total sales agents. During my tenure I created many training programs and hosted daily training sessions in each market center.

Before to opening the doors at KW, I was Managing Director and an Equity Partner at Spencer Trask, a venture capital company in NYC. During this period I lead the spun-off 5 businesses from Fortune 10 companies, held 2 board seats of publicly traded companies and was the Corporate Secretary for Flight Safety.

At Realtor.com (Move), I was a founding member and Vice President of Sales. I was responsible for building their direct sales force of 175 sales reps and 14 district mangers. Unique during this period was the development a training seminar sales method that led to hundreds of thousands of real estate agents purchasing individual web pages; which helped the company attain a highly successful $2B IPO.

I have also held executive positions at IBM and Dun & Bradstreet. I hold a BA in Economics and currently reside with my family on Candlewood Lake in Connecticut.

Current real estate broker licensees in Connecticut and New York.