There Can Be More Costs, If you ever wondered if there are costs and expenses after closing.
I am frequently asked, “How much will I have to save in order to purchase a home?” My general reply is that you must cover the down payment, closing costs, earnest money, inspections, appraisal, and immediate moving expenses. Of course, if you are a first-time homebuyer, there may be programs that offset some of your buying costs, but you have to be prepared to constantly come out of pocket to pay for things along the way.
The expenses don’t stop at the closing table– afterward, you may have to buy appliances, establish utilities, and purchase additional furniture. However, there is “Murphy’s Law," which says that anything that can go wrong will go wrong.
As it relates to your new home, the A/C may need servicing on the hottest day of the year, the garbage disposal could go out during the housewarming party, or a pipe could begin leaking the day after you move in.
In order to avoid the stress of Murphy’s Law, make sure that you save now for the “rainy day" in the same way that you saved for the down payment and closing costs. At some point, you will need it.
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