Fischer Realty

What You Need To Consider When Planning Your Budget For Your New Home

by Cathryn Leasure 12/31/2018

Buying a home is a big change. New surroundings, new town and sometimes even a new state. And these things take time to get used to.

But there’s one thing you want to adjust to as quickly as possible - your new budget.

You already know that with a move comes lots of expenses and fees. However, there are a lot of long-term changes you might not realize to take into consideration until they show up in your mailbox.

One is your mortgage payment over the years. Okay, I know you know that your mortgage payment has changed. But what you should consider is how to plan to make that payment each and every month. Sometimes life happens and we don’t have a great month and sometimes we have a string of not so good months. It’s best to come up with a plan now to prepare yourself if anything should happen

It’s recommended to keep three months worth of living expenses saved and put to the side for emergencies. Perhaps you already have money set aside and need to increase this amount to reflect your new lifestyle. And if you don’t have any set-aside, it’s wise to start a savings plan now. Even if you are only able to put aside a small amount each month, your total will grow over time as you stick to the plan.

Home insurance, property taxes, and homeowner association fees/dues. If this is your first time owning a home these will all be new expenses for you and ones you don’t want to catch you by surprise. And if it’s not they are certain expenses you will need to account for. Be sure to add these to your budgeting software of choice ASAP.

Seasonal budget changes. Throughout the seasons you may find significant changes to your expenses. If you have moved to a larger home you will probably find you have higher utility bills, especially in those months where you need to run the furnace or A.C. However, there are also yard maintenance costs to take into consideration. Does your new home have a pool, lots of landscaping or a snowy climate? Ease upfront costs by estimating expenses and create an account to put money aside each month to spread these costs throughout the year.

Another account to consider building up throughout the year is for emergency repairs and renovation projects. Replacing appliances, a roof, porch or pool lining are not expenses we typically expect and can easily shell out for. At least, not without some planning ahead of time. Setting up an account to add money to each month for these specific costs can help ease your mind and feel on top of things.

About the Author
Author

Cathryn Leasure

Do you need access to MLS listings? 

Would you like to be the first to know about off market properties as soon as they become available? 

Would you prefer to work with a Realtor, who knows their MAO from their ARV?

Don't like finding buyers for your properties? I can list them for you, and I have an amazing marketing strategy that will bring the highest price for your property.

 

Hi, I'm Cathryn, and I love working with investors. 

I've lived in Melbourne, Florida with my husband Michael and daughter Anna for 14 years, and I've been a Realtor with Fischer Realty in Cocoa for 5 years. Over those years I've built an extensive list of contractors, general contractors, plumbers, electricians, roofers, property inspectors, appraisers, investor friendly title companies, investor friendly lawyers, private and hard money funding partners, and any other type of contractors an investor may need.

Whether you're buying your very first rehab house, or you've been in the business for years, if you're looking for a Realtor who understands investors, give me a call.

But don't count me out if you're not an investor. If you're looking for your forever home, or you have a house you'd like to sell, I can help you too.

TESTIMONIALS

"Cathryn has been my personal realtor for the past two years and will continue. Our relationship has been a great success from both buying and selling properties. She has a natural instinct about the property's worth and it's projective worth. A professional to the end, I highly recommend Cathryn to my family and friends."

Joe D

Port St John, FL

"Being new to Florida Cathryn helped my husband and I find the perfect size house for my family of 5. The location was excellent, close to the school my child attends, shopping and minutes to I95 for commuting. She was very professional and a good friend. Thank you for all that you did for us!!!"

Catherine N 

Palm Bay, FL

"Cathryn was very professional, sweet and kind the entire 3 months we were looking for a new home. She showed us many and finally we found a great home in Palm Bay, FL thanks to her dedication and hard work! I was totally impressed with her and would recommend her to anyone!"

Chris W 

Palm Bay, FL

"Outstanding!! We were up against some tight timelines for finding a rental home last October, and Cathryn really came through! We made multiple visits to the area - some pretty last minute - and Cathryn was incredibly responsive and knowledgeable each and every time. She really understood what we were after and the current market and worked very hard to get us in exactly the right home. We're extremely happy with her service and would stand in line to work with her again!!"

Ehren C 

Melbourne, FL

"You are greatly appreciated my dear. Working with you has been great. Thank you for all that you have done for us."

James and Alison P 

Melbourne, FL

"I've purchased two condos with Cathryn being my realtor and she brings integrity and a thorough knowledge of real estate to the table."

Bill F

Cape Canaveral, FL