Why Modesto Home Buyers Need Extra Cash
After you’ve saved and saved and are ready for all of the expenses that come with buying a Modesto home – the downpayment, moving expenses, closing costs – you are ready to become Modesto home buyers. And while you’ve done the math on how much you can afford, home buyers will want to add a little more cushion into the savings account.
On top of the fund required for closing, Modesto home buyers should put away a little extra. Emergency repairs and home maintenance can come up out of nowhere, and as a homeowner you’ll need to be prepared.
For this reason, experts say setting aside 1% of the value of the Modesto home annually for maintenance needs that might pop up. Home buyers will want to budget this savings into their budgets so that it’s not just an afterthought.
For example, the average price of a house in $256,000. If Modesto home buyers follow the 1 percent rule, you’ll want to save just over $2,500 every year.
If your Modesto home is more or less, you’ll want to adjust your budget accordingly. Other factors can impact this number too, like if your home is older or not in great condition when you buy it, you might want to put away a little more. A new roof, plumbing or a new furnace might all be on the horizon, maybe even at the same time.
Wanting to save the money for home repairs and actually doing it are two totally different things. Here are a few tips that will help you save.
Practice Saving
Financial experts will say to start living like you are in your new home months before buying. That will let potential Modesto home buyers test your new budget and make sure you aren’t over spending on a home.
Get a feel for the difference of rent versus all of the financial responsibilities of being a homeowner. To start, try saving an extra $150 a month and see if it’s doable for you.
Know What You’re Getting In To
If you do an inspection and pay attention, you shouldn’t have too many home maintenance surprises in the beginning. Make sure you hire a qualified home inspector that will do their best to make sure the home you are buying is structurally sound and in good shape.
Modesto home buyers will want to be sure to get as much information as you can about the roof, HVAC and plumbing along with estimated replacement dates.
If you find yourself in an emergency situation, make sure you do your research so you don’t end up in a situation where you need to completely gut your new home and update the pipes.
Have a Plan
When you’re a Modesto homeowner, there’s just about always something that could be repaired or improved. Instead of always putting out figurative fires, make a to-do list with the most important issues at the top and work your way through the list. For example, you know you can wait on a new dishwasher but the old pipes that might burst need to be replaced as soon as possible.
By being consistent in this you can protect yourselves from unexpected emergencies. Regular maintenance on big ticket items like your heating and cooling systems is important because those are big expenses that could pop up at the worst times.