Buying a home should be the start of a new life, but some first-time homeowners find themselves in financial trouble once they move in. To help you avoid this unfortunate situation, EXIT Realty Midwest, a real estate company serving the Iowa Great Lakes, Spirit Lake, Okoboji, Arnolds Park, Estherville, Spencer, Le Mars, Sioux City and surrounding areas describes some of the most common budget mistakes new homeowners make.
When you're house hunting, be sure to consider all of the expenses, including:
- Mortgage Payments: Especially if you choose to take out a longer loan, you need to consider how much you'll pay in interest over the next 15 to 30 years.
- Property Taxes: Depending on where you live, you may have to pay property taxes twice a year. This can be difficult to budget for since, in some places, the exact figure may fluctuate year-to-year, depending on property values at the time.
- Homeowner's Insurance: This expense can also vary a lot depending on the area and value of your property. If you have a mortgage, you'll probably be required to carry some insurance.
- Co-Op Fees: If you're purchasing a condo, co-op, or townhouse in a community, you'll probably have to pay an annual or monthly fee to the association. Houses in gated communities may also be subject to some kind of fee.
- Renovations & Repairs: Few homes are actually perfect, so you'll have to budget for any repairs and renovations, as well as set aside funds for routine maintenance and potentially expensive emergencies.
If you need help finding a house that fits your needs and your budget, the talented real estate agents at EXIT Realty Midwest will help. Visit EXIT Realty Midwest online now to see their inventory of homes for sale, or call (712) 336-3405 to speak with an agent today about house hunting in Iowa.