Everybody expects moving to a new house will be expensive. There are so many closing costs that are inevitable, and moving services are not cheap. It is common knowledge that you have to have money set aside to pay for these things when you are buying a house.
There are some hidden expenses that also pop up that many people haven’t budgeted for. These expenses can add up and may even have you sacrificing some of the things you wanted to do with your new house. In this article, we will go over what some of those hidden expenses are so you can possibly plan for them.
1 – A rental
The housing market is very hot right now which means that sales can happen very quickly. So quickly, in fact, that you aren’t always completely prepared for when it happens. This can make coordinating between buying the house and selling yours to smoothly transition into the new home.
What can happen is that your house sells faster than the one that you bought. If the new house needs repairs then this can cause further delays. All this means is that you may be out of pocket by having to rent a short-term apartment like one of these apartments for rent Mississauga has available.
It may not cost a lot of money to rent a place for a month or two but if you aren’t expecting it this can throw a wrench in some of your plans.
2 – An exterminator
It is very difficult to pick up on whether a house has a pest problem when you are doing a walk-through. Even a home inspection can miss some of the signs. Then this is now your problem once you start moving in.
You could easily have a mouse problem, squirrels in the attic, or even bed bugs and have no idea until you are confronted with the problem after you’ve already gotten into the house. Hiring an exterminator is a far better option than trying to take care of pests yourself.
Some of the pest issues may require a few visits which adds to the cost. Make sure to have them seal the house up after they’ve gotten rid of the pests so you don’t have to hire them again.
3 – HVAC repairs or maintenance
If you visited the house in the winter, you likely didn’t check to see if the air conditioner was working. You also probably didn’t check the heat in the middle of summer. There is a risk that you won’t know that the HVAC needs to be fixed, maintained, or replaced until you try to turn on the air conditioner on the first day the weather gets hot.
Once again, this is now your problem since you own the house. Fixing the HVAC is very important and it can get more expensive the longer that you let it go. It may be just a compressor that needs to be changed. It may even be something less serious and just a change of filters is needed.