If you're in the market for a new home, one of the first things you need to determine is how much of a monthly mortgage payment you can comfortably afford. A loan officer or mortgage broker can help you figure that out, based on your income, debts, and other information.
One thing they probably won't include in the equation is the cost of home maintenance and other essential services, like garbage collection.
Ultimately, it's up to the homeowner to build in enough "breathing room" in their budget to cover unexpected expenses. Although you can't predict exactly what those expenses will be or how much they'll cost, it's virtually guaranteed that they're going to occur. Whether you're planning to buy a new house or a mid-century dwelling, here's the short list of typical homeowner expenses that could crop up. While all these items may not apply directly to your situation, many of them eventually will.
- Plumbing repairs: Leaky pipes, clogged drains, and broken plumbing fixtures are common problems in most homes. You may also need a plumber to fix or install a garbage disposal, repair or replace a hot water heater, or hook up a new refrigerator to your water supply.
- HVAC services: When you combine the cost of semi-annual routine service calls and unexpected emergency repairs, the cost of maintaining your heating and cooling systems can really take a bite out of your household budget!
- Appliance repair: The typical family depends on at least a half a dozen major appliances to prepare meals and keep their clothes and dishes clean. When one or more of those appliances break down, chaos can ensue! In many cases, it's more cost-effective and practical to call a repair service than buy a new appliance.
- Exterminator services: Regardless of whether you live in the city or the country, unexpected and unwelcome insects, rodents, and other miscellaneous varmints can show up in your home and yard. Sometimes it's even necessary to call a wildlife control specialist to remove skunks, raccoons, and other intruders!
- Electrical repairs and upgrades: Although electrical repairs are occasionally needed for safety reasons, most calls to electricians are more routine in nature. However, when light switches, electrical outlets, and ceiling lights stop working, it can be a huge inconvenience for you and your family. In some cases, you might even be desperate enough to pay extra for emergency electrical service on weekends!
- Miscellaneous expenses: Garage door repairs, fireplace cleaning, swimming pool maintenance, deck repairs, rain gutter cleaning, professional carpet cleaning, landscaping, fence repair, home siding repair, and wet basement problems are a few of the many expenses that may require you to dip into your savings or household budget.
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About the Author
Ellen Garcia
Ellen Garcia Broker, GRI, SRS, ABR, RSPS, SRES, RENE, MRP, LRS, LSE, LSS, AHWD, e-PROÒ Ellen believes that listening and understanding her clients' needs are the foundation of a successful business partnership. Her knowledge of the many unique communities in Fairfield County is an invaluable asset to clients new to the area, and she is able to help anyone moving to, from or within Fairfield County make an easier transition into a new home and community. For clients who are preparing to sell their homes, Ellen offers her first-hand knowledge of how to leverage the strength of a "brand" in showcasing and marketing their properties. Ellen offers a powerful advantage in bringing her skills and resources to work for her clients. With over 10 years, of full-time experience in the real estate industry, she is well-versed in the Fairfield County real estate market. Ellen has successfully completed: · Over 130 closed sales and rental transactions · Representing a dollar volume of over $65 million Ellen’s people skills lead the way in building a strong network to assist and support her clients in achieving their goals through every step of the real estate process: · Negotiations both local and global · New business development (sales & marketing) · Creative problem solving · Building partnerships · Tapping into Halstead Property’s network of 1100 agents in NYC and Lower Fairfield County Her career in Real Estate has been recognized with many awards including: "Agent of the Year” for Halstead Property Wilton and "Most Closed Sale and Listing Transactions” numerous times. Within Connecticut, Ellen has been recognized over the past several years as a "Connecticut Magazine 5 Star Realtor”. Awards 2016 & 2014 AGENT OF THE YEAR – HALSTEAD WILTON – HIGHEST GROSS SALES 2016 - 2011 CONNECTICUT MAGAZINE 5-STAR REALTOR AWARD 2016 - 2013 MOST CLOSED LISTINGS – Wilton Office 2016, 2014 - 2012 MOST CLOSED SALES – Wilton Office 2016, 2015, 2014 HALSTEAD PROPERTY PRESIDENT’S COUNCIL 2013, 2012 & 2011 HALSTEAD PROPERTY DIRECTOR’S COUNCIL 2014 HALSTEAD – PLATINUM CIRCLE 2016 HALSTEAD - GOLD CIRCEL 2015, 2013 HALSTEAD – SILVER CIRCLE 2007 COUNTRY LIVING ASSOCIATES OUTSTANDING RELOCATION SPECIALIST PRESIDENT'S AWARD (2005, 2006 & 2007). Leading Real Estate Companies of the World PREMIER CLUB – SILVER AWARD FOR REFERRAL ACHIEVEMENT (2006) Sales Associates Recognition Program Professional Associations: · Connecticut Association of Realtors (CAR) · National Association of Realtors (NAR) · Consolidated Multiple Listing Service (CMLS) · Connecticut State-wide MLS (CTMLS) · Mid-Fairfield County Association of Realtors (MFCAR) · Senior Advantage Real Estate Council (SAREC) · Real Estate Buyer’s Agent Council (REBAC) · Seller’s Representative Specialist Council (SRS) · e-PRO Professional Designations: · BROKER · ABR (Accredited Buyer Representative) · SRS (Seller’s Representative Specialist) · RENE (Real Estate Negotiation Expert) · GRI (Graduate Realtor Institute) · RSPS (Resort and Second Property Specialist) · MRP (Military Relocation Professional) · SRES (Seniors Real Estate Specialist) · LRS (LeadingRE Relocation Specialist) · LSS (LeadingRE Sales Specialist) · LSE (LeadingRE Service Expert) · AHWD (At Home with Diversity: One America) · REALTOR e-PRO · CONNECTICUT TRUST FOR HISTORIC PRESERVATION
