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4 Major Costs A First Time Home Buyer May Overlook

By Jamie Richardson | September 15, 2017

If you’re  a first time home buyer, you’ve probably already learned a lot about mortgages, down payments, insurance, and the like. However, that isn’t all there is to take in. Many first-time home buyers forget to factor in the following potential costs when they’re moving into a new place.

The Roof
Unless you’re buying a new-construction home, you’re going to need to make a few repairs on your place. When you’re looking at homes, be sure to consider the roof. If you see missing shingles, water damage, or other problems, you may have to replace the roof soon. On average, a new roof costs $6,600. However, the cost can vary widely depending on the roof’s pitch, the roofing material you choose, and the overall square footage. We recommend contacting a few residential and commercial roofing services companies so you can compare their estimates and rates.

The Water Heater
A normal water heater lasts between 10 and 15 years. Therefore, if your house is older than 15 years old, you may have to replace the water heater. If it is making a lot of noise or produces rusty water, it is likely that this component of your home is on its last legs.

The national average cost to install a new water heater is around $1,000, but if you buy a small water heater, you may be able to find one for significantly less. Another option is to install a tankless water heater. Tankless heaters cost around twice as much as traditional water heaters, but they offer significant energy savings and never run out of hot water.

The HVAC System
Too many people neglect regular maintenance for their HVAC systems. As soon as you move in, or even before you move in, you should hire a professional to come in and do an inspection. The HVAC technician can do things like check the ductwork, clear debris out of the air conditioning unit, and measure airflow.

If it turns out that you need a new air conditioner, you may have to pay a few thousand dollars for the new unit. The cost will depend largely on the size of the unit that is appropriate for your home. Compare air conditioners and pick the one with the greatest energy efficiency so you can save on your monthly bills.

Plumbing Issues
Especially in old houses, you may encounter plumbing problems. Perhaps the pipes were made with an old material that tends to rupture, such as polybutylene, or maybe the pipes are simply at the end of their lifespan. You may also find that the pipes are not insulated, which can be a big problem in areas with cold winters. The cost of fixing plumbing problems will depend on how much work needs to be done.

To truly take pride in your new home, you need to make sure that it is functional and comfortable. When you’re buying a house for the first time, it is a wise idea to have some savings set aside so you can take care of costs that you might not have factored into your original budget.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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