Posted 5 years, 8 months ago

If you are actively shopping for a new home, below are some items to keep in mind when calculating your homeowner’s budget.

Monthly Expenses

  • Principal and interest payment on your mortgage
  • Real estate taxes
  • Homeowner’s Insurance: ask insurance agent for an estimate
  • Heat: check owner's current bills
  • Electricity: check owner's current bills
  • Additional costs: water, sewer, trash collection, homeowner’s association dues


  • Go to your home inspection appointment.  Ask questions, and hold on to the report.  Some repairs may be done by the seller.  But some things may be future concerns, like a roof, furnace, or water heater.  Inspectors can tell you when major components may need replacing.  A furnace can last 12 to 15 years, a water heater, 10 to 12 years.
  • Address all problems when they come up.  A loose bathroom tile can be fixed for a few dollars.  Ignore it and you may wind up rebuilding a wall.  Set aside $500 to $1,000 a year for these small repairs. 


  • Estimate when you'd like upgrades done.  Can you live with those kitchen countertops another two years, or another two months?  When will you need a new deck?  What about landscaping?  Will you put on an addition down the road?  Decide what you want, get rough estimates, and start putting money aside.
  • Experts suggest homeowners have 1% to 3% of the purchase price of the home socked away for improvements and surprise expenses. 

We hope that you find this information useful.  Please don’t hesitate to contact us with questions anytime.


-The Kavanewsky Team