You’ve crunched the numbers and set the down payment— you’re about to move into the home of your dreams, complete with a walk-in closet and sprawling backyard. Buying your dream home is an exciting and rewarding experience; however, before you make a move, it’s essential to educate yourself on the standard costs that come along with owning a large property. To enjoy your beautiful new dwelling to the fullest extent (while avoiding unnecessary expenses), our team has compiled a list of hidden costs to be mindful of when purchasing your dream home.
A dream home is synonymous with luxury amenities, but these can rack up quite a cost far past the initial purchase closes. For instance, if you’re set on installing a pool and jacuzzi in your backyard, filtering and heating can potentially cost you thousands of dollars per year, not to mention recurring maintenance fees.
Unsurprisingly, the spacious backyard of your new home is a costly, overlooked expense. To keep your property looking its best, it’s expected you’ll purchase outdoor maintenance tools such as a lawnmower, leaf blower, and gardening equipment. Such purchases can set you back hundreds to even thousands of dollars. Alongside the effort put into mowing your lawn and salting your driveway, you may consider hiring landscapers to help upkeep and elevate your new outdoor digs. However, services like these can cost a pretty penny.
Cleaning your home not only takes a lot of work, but it can cost a lot of money depending on the size of your property. In your old home, you may have had a single bottle of Windex and a handheld vacuum. Meanwhile, a large-scale dream home often calls for the purchase of extensive cleaning supplies such as multiple vacuums, a mop, and cleaning supplies in each bathroom. On top of purchasing the amount of cleaning supplies to keep your dream home looking its best, you might also consider hiring a monthly cleaning service to lessen the burden. Although, it’s essential to determine if this luxury is worth paying upwards of $250-$500 a month, depending on the size of your home.
Smaller dwellings like apartments and townhomes require the payment of certain utilities like electricity, heating, and water, as we know. However, it’s important to note that large properties not only equal a higher cost but require additional utility payments. While paying the bills for your old home may have been manageable, brace yourself for fees upwards of $2,000 a month for your large property.
Repair and Renovation
Though your new home may be perfect for you now, anticipate potential renovations and repairs after you move in. For example, some of your brand new appliances may need a replacement a few years down the line, and you may even consider renovating certain rooms or parts of your home as you and your family’s needs change over time.
Need Financial Advice?
Check out our previous blog post on 4 Budgeting Tips for Your Wedding. In addition, if you need personalized financial advice, our team is always here to help—contact us today to book an appointment!