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Other Expenses to Budget for When Buying a Home

This is a guest post by 8z blogger, Staci Striegnitz.

Buying a home for the first time is a huge decision that shouldn’t be taken lightly. There are many things that need to be taken into consideration. What area do you want to live in?  How much space do you want? Do you want a yard? Are you looking for a house that’s move-in ready or do you want a fixer upper? Most importantly, what will your budget allow? These are all questions that require some serious thought. 

The most important step of moving toward home ownership is determining what you can afford and how you need to budget your finances in order to have to smoothest transition possible into becoming a first time homeowner. There are many underlining costs other than the purchase of the actual property. Here are a few things you might want to budget for: 


If you need to take out a loan to purchase your new home, do some shopping to find the best loan and provider that suits your needs. Make sure that you are being realistic about what you can afford based on your income allowing for both your mortgage payment and your living expenses. The loan you take out will cover only what the bank requires which usually includes mortgage, interest, and insurance. All other living expenses will be your responsibility, so plan wisely. An FHA loan might be a good option if you have less money to put down. 


Be prepared to pay both homeowner’s and mortgage insurance every month, especially if you’re a first time buyer. The homeowner’s insurance is protection for your house in case of a disaster. Banks require that you have homeowner’s insurance if they are holding your loan. The price will vary depending on the size and cost of your house. Mortgage insurance will depend on the type of loan you get and how big of a down payment you are able to make. In most cases, these insurance payments will be combined with your monthly home payment.

Utility Deposits:

Every city and state has its own rates and deposit fees for water, trash, and electric. Be prepared to pay an initial deposit to get the services up and running and then a monthly cost depending on usage and neighborhood policy. Depending on the neighborhood you’re moving into, you might have to pay an HOA (Home Owner’s Association) fee which could cover lawn care, trash, and snow removal. 

Necessary Fix-ups/Needed Items:

Some houses come completely move-in ready without a repair in sight while others will need some extra love to be livable. If you don’t mind putting some time into a house before you move in, you should really take the time to budget out what it might take to get that desired look. Consider hiring some help. Some older houses might be in desperate need of new paint, remodels, appliances, and carpet. If you happen to find a larger home that is completely ready for its new owners, think about the extra items you will need. Maybe you’ll need extra furniture, yard tools and a lawn mower, a basic tool set, and home decor. If you have furry friends that are moving in with you, don’t forget about fencing, doggy doors, shelters, and their safety. 

If you are in the market for a new home and are fully prepared to take on all the responsibilities of home ownership, take a look at some homes for sale. Establish what your non-negotiable must haves, research neighborhoods, and have fun searching. Being prepared and budgeted ahead of time will allow you to enjoy the process and have more satisfaction.  


8z Real Estate is a local real estate brokerage, founded and headquartered in Boulder. 8z has expert brokers specializing in neighborhood markets. 8z takes a different approach to real estate. Find out how at or call us at 303-543-3083