Keeping Costs In Mind, Not Just Your Down Payment

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Couple And Real Estate AgentBuying a home is a great feeling. You have everything together, you have your down payment and closing costs accounted for, and you are ready to sign on the dotted line. Well, not so fast, guys. There are still some costs that you will have to account for before you can finalize that mortgage agreement.

Pre Move In

Home Inspection

Spending a couple of hours wandering your new house with a stranger? $500 or so.  Finding out any structural issues or failing appliances, wiring or pipes? PRICELESS.

Home Warranty

For a few hundred dollars, you can get a home warranty that covers your appliances against failure. Many new home purchase agreements will include this (and your realtor should ask for it from the seller) but if not, you should look into it. Even after the inspection, you haven’t been living with it for years. You don’t know the ins-and-outs of your home yet. Buying a home warranty can really help curb expenses that first year, especially since you’ve just laid out a down payment and all of the other expenses of buying a home.

Post Move In

Home Owners Association

Your neighborhood most likely will have a HOA. These can be great if they take care of the landscaping around the front of the neighborhood. They also help adjudicate neighborhood disputes, put on garage sales, and foster a sense of community in your neighborhood.

They will cost you a yearly fee, though.

Fixing the Place Up

Almost nobody moves into a pristine home. You need to make room in your budget for those fixes that you don’t have the previous owners fix. Your inspector may not fail the roof for a static vent, but you may feel that a ridge vent fits the home better. You may want to change out tilting windows, or fix a sliding door so it can’t be lifted off the tracks. These repairs can be on you.

Make sure you’re ready to pay for these repairs.


Making the place your own isn’t as simple as dragging your old couches from your apartment and putting up curtains. You likely are moving into a larger space, and will need to fill in the gaps with new decorations and furniture. We’re not saying that you CAN’T bring your college beer posters and beaded curtains, but you can use this opportunity to refresh your style. Put some cash aside and buy new furniture and decorations. You’ll love your new home even more.

Get Started

Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-6438, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555.   You can always apply online at, and we’re also open on Saturdays to better serve you. Don’t forget to follow @TheHomeLoanEx on Twitter for breaking mortgage news and knowledge.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?