Home Buyer's Recession Survival Guide - Consider The Additional Costs

There is much more to the cost of a house than the monthly payment. There are a significant number of additional expenditures that have to be considered. Property taxes vary wildly from state to state, and even from community to community. Larger houses require much more expensive upkeep than smaller ones. Older houses are legendary money pits: Call an electrician to fix a broken light switch and find out that you need to replace all your antique wiring at the "very affordable" cost of just $50,000! And why is the toilet not flushing? You need to replace the septic tank and tiles. Another $50,000!

There are countless factors to be considered in the "additional costs" category. Is the house in a flood plain? If so the insurance may be unaffordable, or even impossible to get. Does that little crack in the cinder blocks in the basement just a normal sign of settling, or is it a warning of soil slippage? Is the furnace or central air about to give up the ghost? Has asbestos been used anywhere in the construction? Is the tap water drinkable and lead-free? All of those factors can end up costing you enormous sums of money down the road. Many people outside the northern tier of states pay little attention to the R-value of their homes, without realizing that it is as important to have an air conditioned house well insulated and draft-free as it is to have proper insulation in the far north. The cost of heating up or cooling down the outside can run to thousands of dollars per year.

Regular, ongoing maintenance must also be considered. Are you able to mow that huge lawn by yourself, or are you going to contract the job out? How much will it cost to have that long, lovely, meandering driveway ploughed of 2 feet of the white stuff? Are the windows sticking and need replacing? When will the roof need to be replaced? And the vinyl siding? Did you know that to refinish those "soooo gorgeous" hardwood floors can cost as much as a small car?

A recent development which has a significant effect on rural houses is internet access. Many people are turning to telecommuting, but if your area only has pokey-slow dialup and no hope of getting broadband in the foreseeable future, that can mean a huge bill to have a bi-directional internet satellite installed.

The best thing you can do is to contact an agent that will profile you to a house-hunting service. These types of services will take all the Maybes out of the equation by compiling a complete profile of your financial abilities and directing you to properties that you can actually afford, not just on closing day, but in the long run. They can also hook you up with qualified house inspection services that will reveal the bogeys hiding in all those hidden away infrastructures before you sign on the dotted line. There is an inordinate degree of professionalism among house inspectors, even if they can show that they are adhering to the local regulatory structures. Make sure that you carefully check out the professional references of your house inspector as that is the best way to ensure that your house inspection will be thorough and effective.

Read The Entire Survival Guide

Home Buyer's Recession Survival Guide - The Subprime Meltdown
Home Buyer's Recession Survival Guide - The Advantage Of Renting Over Buying
Home Buyer's Recession Survival Guide - Why Rent? Why Not?
Home Buyer's Recession Survival Guide - Five Common Mistakes House Buyers Make
Home Buyer's Recession Survival Guide - Get Your Home Sold Quickly & At Your Asking Price
Home Buyer's Recession Survival Guide - Improve Your Home's Value And Sell It For More!
Home Buyer's Recession Survival Guide - Learn The Value Of Curb Appeal
Home Buyer's Recession Survival Guide - Home Staging: Valid Selling Technique Or Fraud?
Home Buyer's Recession Survival Guide - Before You Go House Shopping
Home Buyer's Recession Survival Guide - The Home Condition Checklist
Home Buyer's Recession Survival Guide - Getting A Mortgage From Different Types Of Lenders
Home Buyer's Recession Survival Guide - What To Do After You're Turned Down
Home Buyer's Recession Survival Guide - New Initiatives To Help Get You Approved
Home Buyer's Recession Survival Guide - Isn't HUD An Old Paul Newman Movie?
Home Buyer's Recession Survival Guide - Jumbo Isn't As Huge As He Once Was
Home Buyer's Recession Survival Guide - FHA Q&A
Home Buyer's Recession Survival Guide - The FHA's Credit Requirements Vs. The Bank's
Home Buyer's Recession Survival Guide - Your Credit Score And Your Mortgage
Home Buyer's Recession Survival Guide - Credit Score Confusion
Home Buyer's Recession Survival Guide - Keeping That Credit Score Nice & High
Home Buyer's Recession Survival Guide - Minimize The Interest Payable
Home Buyer's Recession Survival Guide - What Is PMI & Why Do I Care?
Home Buyer's Recession Survival Guide - The LIBOR-COFI-COSI Alphabet Soup
Home Buyer's Recession Survival Guide - REO: Get Rich Quick Or Just Waste Time?
Home Buyer's Recession Survival Guide - Obtaining Flipping Money
Home Buyer's Recession Survival Guide - Consider The Additional Costs
Home Buyer's Recession Survival Guide - What Is Escrow?
Home Buyer's Recession Survival Guide - Tips To Avoid Foreclosure
Home Buyer's Recession Survival Guide - The Changing Value Of Your Mortgage Dollar
Home Buyer's Recession Survival Guide - How To Ride The Interest Rate Spikes
Home Buyer's Recession Survival Guide - Can't Get A Mortgage? What A PITI!
Home Buyer's Recession Survival Guide - Calculating Your Closing Costs
Home Buyer's Recession Survival Guide - Mortgage Broker or Mortgage Banker?
Home Buyer's Recession Survival Guide - The Magic Of A Down Payment
Home Buyer's Recession Survival Guide - A Refinance Checklist
Home Buyer's Recession Survival Guide - Refinancing With Bad Credit
Home Buyer's Recession Survival Guide - The Self-Employed Mortgage Maze
Home Buyer's Recession Survival Guide - VA Loans
Home Buyer's Recession Survival Guide - Offset & Reverse Mortgages
Home Buyer's Recession Survival Guide - The Reasons To Not Buy An Offshore Retirement House
Home Buyer's Recession Survival Guide - How To Pay Less Than $500 A Month
Home Buyer's Recession Survival Guide - Five Easy And Cheap Tips To Save Big $ On Energy

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