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This past year has been tough for people buying, selling and even renting across the country. That’s why we asked Property finance specialist Danisha Wrighster — who stars in Netflix’s "Buy My House" — to answer viewer questions on navigating this tough market, including whether it’s a “waste” of money to rent instead of buy and how to buy a home if you have bad credit.
Here, she answers a question from a viewer named Bethany, who’s shopping for her first house:
“I am currently in the market to buy my very first home! I’m so excited but am worried about any hidden fees that may pop up and ruin my budget. What kind of extra expenses can I expect as I go through the home-buying process?”
Danisha says that your pre-approval should include most of the bigger expenses, such as property taxes and closing costs, so those should not be surprises.
However, Danisha explains that there are other expenses that first time home buyers are sometimes surprised by. She breaks these additional costs down below.
3 Hidden Costs of Buying a House
1. Home Inspection
Danisha says inspections of your new house are not included in your pre-approval documents. But how much should you budget?
"I would save around $1000 to $1200," she advises.
Danisha notes that this price may fluctuate depending on where you live.
2. Maintenance and Repairs
Danisha reminds homeowners that they are the landlord and are responsible for their own repairs.
"People never think about this,” Rach says in response. "A house is awesome but it is yours."
To prepare for these unexpected expenses, Danisha recommends getting a homeowner’s warranty. Purchased by the seller of the home, Danisha says the warranty covers the vast majority of repairs pertaining to your roof, air conditioning, heater, and other amenities.
3. Renovation and Furnishings
Lastly, you may have to spend money on home renovations or new furniture. However, Danisha says to not go overboard.
"You don't have to do a full remodel when you move in. People love to spend all their money after they move in on furniture," she says.
Instead, Danisha recommends to make changes "bit by bit."
Plus, Danisha also gives advice to a viewer on renting vs. buying AND how to buy a house with bad credit.