Expenses for New Homeowners

Buying a home is one of the most exciting, and stressful, purchases you can make, and it involves a lot of money changing hands. However, a house is more than just walls, floors and a ceiling, you will want to make the house you are moving into your very own, and doing that costs money. If you are moving from another house, as opposed to a rental property, you might have everything you need already, but it is good to make sure. In either case, here are a few expenses you should remember when you are looking at buying a house:

Safety:

Safety should always be a high priority, and that is doubly important when you are talking about a home. One of the first things you should do with a new home is change the locks, either getting new keys or replacing them entirely. This will prevent anyone who was given a key by the old owners from being able to get into your house. You should also make sure that your home has a smoke and carbon monoxide detector, fire extinguishers, and all the other safety equipment you might need. Fortunately, most of these things are minor costs, but minor costs can add up.

Furniture and Appliances:

Probably one of the biggest costs when moving into a new home is furniture. If you have been living somewhere of roughly the same size this will likely not be an issue, but otherwise you will need to fill your new place with furniture. This can be a major expense, since even a single small couch can cost over $500. If you’re looking to save money on furniture, charity shops are a good option. You should also always keep an eye out for sales at local furniture stores, they happen fairly often and you can save a lot. It is also wise to prioritize what furniture you need and what you can do without at first, so you can spend your money where you really need to. The same advice goes doubly for appliances, which are both more expensive and more necessary than many pieces of furniture. It’s hard to do without a fridge after all!

Renovations and Tools:

If there’s something you don’t like about your new home and you want to fix it, you will need to include the prices for those renovations into your budget. Again, make sure to prioritize. Renovations that aren’t absolutely essential can be a major expense right after you have already spent a large amount of money on a house. Even if you don’t intend to do any renovations, you should still make sure you have a collection of basic tools, like a hammer, saw, various screwdrivers, etc. on hand in case you need them. Fortunately, these can often be found on sale at hardware stores for fairly cheap. You will also need other tools for gardening, if you plan on doing any of that. Gardening aside, grass won’t cut or water itself, so some kind of lawnmower and a garden hose are necessary unless you are going to hire a lawncare service to do it all for you. A way to get rid of snow in the winter is also an important thing to consider. We do live in Ottawa, after all.

Finishing Touches:

Once all the big things are out of the way, you will find lots of little things to buy. These range from essentials, like curtains and blinds for the windows, towels, and dishes and cutlery, to nice little touches like wall hangings or new paint for the walls. Again, these are small costs individually but they can quickly add up.

Buying a house is a big expense, and all the other things you need to buy add even more to that, but many homeowners will tell you that owning your own house and making it uniquely yours is definitely worth it.