If you’re a first time home buyer in Winchester; you’re probably very excited about finding the home in Winchester that fits exactly what you’re looking for in a home.  Jumping into the Winchester Real Estate market for the first time can bring about alot of different emotions as you’re hopeful of finding a great home, but perhaps leery of the decision of making such a large investment.

 

As a Winchester Real Estate agent, I completely understand where you’re coming from.  I know that buying your first home is embarking on a new territory and there can be many questions and unexpected things along the way.  One of the things that many first time buyers oftentimes don’t take into consideration is the additional costs that come with buying a home.  

 

I want to make sure you’re fully aware of all of the costs of buying a home so that you’re as prepared as possible when buying a home in Winchester.  Here are twelve hidden costs that you’ll want to be aware of before beginning the home buying process. 

 

1. Home Inspection- It is a great idea to hire a professional to inspect a home before you purchase as they can bring your attention to any major or long term issues.  Let me know if you need a recommendation for a Winchester home inspector; I’d be happy to help!

 

2. Pest Inspection- Buyers should consider having the wood of the home inspected for termites or other wood-destroying bugs. These inspections can run between $50-$200, but can save your home from further damage and larger costs.

 

3. Appraisal Fees- Before a purchase, your home must be inspected by a professional real estate appraiser as this helps lenders determine the amount of money to lend borrowers.

 

4. Closing Costs- At the final closing meeting in which you sign all documents, you should be prepared to pay closing costs which can be a few thousand dollars. These fees include processing fees, underwriting fees, recording, survey and title insurance fees. Many buyers roll these fees into their offer on the home and can be discussed with the seller and the participating agents. 

 

5. Moving Expenses- Unless you are moving down the street, you will have to be prepared for moving expenses such as renting movers, a moving truck, and any possible shipping costs depending on how far you are moving.

 

6. Furniture- You may come to realize that in buying a bigger home, you’ll have space to fill.  Buying additional furniture is an expense that can oftentimes be overlooked, but can be necessary in moving to your new Winchester home.  

 

7. Property taxes and homeowners insurance- First time home buyers should be aware that your monthly bill will not only include the loan amount plus interest, but also the property taxes and premiums for homeowners insurance, which all mortgage borrowers are required to obtain.

 

8. Supplemental insurance- Buyers who are purchasing a home in a flood zone may have to buy supplemental insurance. There are tools online to help determine if your home is in a flood zone or I can discuss this as you view the homes in Winchester that interest you. 

 

9. Homeowners association fees- There are many great neighborhoods and condos in Winchester and the surrounding areas, some of which will have a monthly HOA fee. While you may not be keen on paying this additional cost, oftentimes it covers items such as trash removal or landscaping. 

 

10. Utilities- These costs vary from city to city so it’s always good to expect to see a difference in monthly bills. We can help answer questions on the average costs of utilities in the Winchester area!

 

11. Ongoing maintenance- You may love the thought of a large backyard, but keeping in mind the cost of maintaining your yard or garden. If you are buying your first home you may not have all of the tools such as a hedge trimmer or lawn mower to keep your Winchester yard looking fresh. Also keep in mind any type of exterior or interior maintenance you noticed about your new home and factor in the additional costs.

 

12. Repairs- Covering all repairs tends to be one of the larger transitional points for those first time home owners. It’s wise to set aside a small amount each month to ensure that if additional repairs are required, the funds are already in place to cover the extra expense.

 

Reviewing these twelve hidden costs should help you get even more prepared for buying your first home in Winchester.  Of course, if you have questions about buying a home, or are ready to begin searching for a home in Winchester; please feel free to contact me anytime!

Sven Andersen
North of Boston Real Estate Expert

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Searching for a new place in Winchester to call home? The Sven Andersen Team makes it easy for you to search for your new Winchester home. This FREE, NO-OBLIGATION service can help you find the home of your dreams! Simply visit http://www.northofbostonlistings.com/ and fill out the form to start your auto-email home search today! It's just that easy! The Sven Andersen Team is always willing to help and will always respect your privacy; we leave it up to you to contact US when you're ready to buy or sell in the Winchester area.

If you want to learn more about selling your home visit: www.PriceMyNorthofBostonhome.com
If you want to get our 450 ways to sell your home fast visit: www.450waystosellfast.com
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If you, friends, relatives, or colleagues are considering buying or selling a home, condo, or land, please consider contacting Sven for assistance in your search. Sven coverage area includes: Winchester, Belmont, Medford, Woburn, Lexington, Arlington, Melrose, Stoneham, and Reading.  We also offer a complimentary referral service, called "Anywhere Agents," to assist folks who are looking to buy or sell outside our coverage area, including international locations. We will interview prospective agents in the area(s) you or a family member are considering to assure you get the most knowledgeable Real Estate Professional to assist in your home buying/selling needs.