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No Surprises: Major Home Expenses to Budget For

When you buy a home, you generally prepare for the mortgage payment and its various components. However, you may not necessarily be ready for other potentially large expenses related to keeping your house in good shape. Let’s take a look at some other costs that you need to know how to handle from the second you close on a home purchase.

How Old Is the Roof?

If your roof has been up for 20 years or more, it may be time to replace. Depending on the materials used to complete the project, you should expect to spend $10,000 to $20,000 to have the job done right. To keep costs down, you may be able to do the work yourself or only have sections of the structure repaired or replaced at a time. Otherwise you should be able to find a good rate on a home improvement loan.

Photo by Prentiss Balance Wickline Architects

Is the Foundation In Good Shape?

A crack in your home’s foundation could cost thousands of dollars to fix. Unfortunately, it is not the type of project that you can afford to delay. Failing to take care of the problem as soon as you discover it could lead to the entire house falling over. If you don’t have the money to pay for it right away, you could turn to a quick loan option such as a payday or title loan.


Do You See Pests On the Floors or Walls?

Seeing an ant running on your kitchen floor doesn’t necessarily mean that your home is infested. However, it is important that you have your home inspected to make sure that there isn’t a problem that needs to be dealt with now. Allowing ants, mosquitoes or other bugs to live in your home could result in structural damage and health problems.

Photo by Edgley Design

Do You Have Dead Wood Outside?

If you see a tree that is dead or dying, it could be a sign that insects have made a home inside of it. Assuming that there are no bugs now, it could become a prime spot for carpenter ants and termites to make a home in the future. Depending on the height and location of a tree, it could cost several hundred to several thousands of dollars to remedy. In addition to getting rid of the tree, you will also want to get rid of the stump to ensure that a potential pest problem is fully eliminated. It’s best to fix these problems now, as the cost will be greater when you have to repair the damage termites cause.

Photo by Kikuchi + Kankel Design Group

Does the Siding Look Old or Worn?

Old siding an be an eyesore as well as a great way to spend too much on heating and cooling bills. By replacing your current siding with vinyl or aluminum siding as part of a remodeling project, it may increase the value of your house by $10,000 or more. It may also help to pay for itself by cutting your heating and cooling bills by hundreds of dollars a year. Replacing old siding may also be beneficial because worn spots may be where bugs or other animals gain access to your home.

Photo by Woodfield Brady Architects

Buying a home should be one of the best experiences of your life. It will likely also be one of the most expensive. Before you put in an offer on a property, make sure that you either have the cash to pay for large expenses or know where you can go to get the money that you need. Otherwise, you may find yourself stuck with a house that you can’t afford to either live in or sell.

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