When you buy a new house, you know it is going to be expensive. You have likely budgeted to factor in the closing costs and even some upgrades to the house such as a paint job and new appliances. After doing that, you don’t expect any surprises because nobody’s told you about any hidden costs.
The problem is that there are some unexpected expenses that every homebuyer will experience. They might not be the same ones as everybody else, but it is guaranteed that you will find some. In this article, we will go over some common expenses that you might not be expecting but should know about.
1 – Short term rental
There are a couple of scenarios in which you may not be able to move into your new home right away. There could be necessary house renovations that are going to make it impossible to live there while they are happening. Think of a kitchen remodel or the bathrooms being redone and you get the idea of how uncomfortable it would be to live in the house. In this scenario, it is likely you will be waiting a month or more for the repairs to be completed to the point where you can move in.
Then there is another common factor that keeps people from moving in right away and that is when you have closings that don’t line up. You could have to leave your old home because a lease ends or your sale finishes first so you end up homeless for a short period.
In this case you’ll need to rent out a furnished short term rental for a month or two. This isn’t a bad thing, but it is an expense you have to be aware of. The cost varies so do a search to find out such as “Top ten short term rentals Toronto” and you will get an idea of the cost for places in your area.
2 – HVAC issues
Having a system for heating and cooling that doesn’t work or needs to be maintained is a very common hidden expense. Since you will not be checking the A/C if you visit in the winter or the heat if you visit the house in the summer then you won’t realize that there are HVAC problems until you move in.
It may just need to have the ducts cleaned or the filters replaced, but there could be more serious problems that can cost quite a bit.
3 – Hiring an exterminator
Chances are very high that you won’t see any sign of pests when you do a walk-through of the house. Then when you move in you realize that there was actually a bed bug infestation, or there are mice in the walls.
Getting rid of pests is something best done by a professional so if you were to find out that there actually is a problem it will cost money to take care of it.