Pinetop White Mountain Blog

Good Afternoon Everyone,

Buying your First Home is so exciting.  You find the home, you write the offer, you get your offer accepted, your loan is approved, and you close the sale.  You are ready to move in, Hurray!

It is exciting and it is a wonderful thing to own a home but as a new buyer you should be prepared that there are some costs associated with that sale that you may not be prepared for.

The first surprise Buyers often get is the cost to hook up their utilities.  Most Utility companies have connection fees and even deposits that can add up to a pretty good chuck of change, especially if you have never had utilities in your own name before.  

Next come the furnishings, appliances and repairs.  I saw a figure recently that said that in the first year a new homeowner can expect to spend $8500 or more, on furnishings, appliances, and unexpected repairs. 

My intent here in this post is not to scare potential buyers from buying, it is quite the opposite.  The market is improving and property is moving again and as we wade through the morass of this Bank Created mess, it will continue to improve.  My only point is to prepare First Time Buyers for those eventualities that they may not be prepared for when buying for the First Time.  It isn't just the cost to get in to the home that can create a hardship, it is those extra costs that many buyers are not prepared for that can cause some stress right from the start.

Just be prepared and use your inspection period to investigate these things.  What ever you do however, don't go buy that new furniture or new appliances on credit before you close.  It could affect your ability to buy because lenders always go back and check your credit again right before closing.  Put them on layaway but pay cash.  Don't use credit for anything during your escrow period.  My usual advice to buyers is to buy nothing but groceries and gas while your purchase is pending.  That way you won't have to worry at closing time that the bank might decide you are too high a risk right before you are ready to close. 

Now that you have been advised up front on these extra costs, give me a call and let's get started on finding your new home.  It is still a great time to buy and there are some super values in the market.

I'm waiting, why isn't my phone ringing yet???

Thanks for reading, until next time.

Sandra Paulow, Associate Broker, GRI, SFR  (928) 242-0300

Your High Country REALTOR®