{"id":38924,"date":"2022-09-13T17:00:00","date_gmt":"2022-09-14T01:00:00","guid":{"rendered":"https:\/\/www.hayden-homes.com\/blog\/?p=38924"},"modified":"2023-05-19T15:56:22","modified_gmt":"2023-05-19T23:56:22","slug":"how-to-create-a-first-time-homeowners-budget","status":"publish","type":"post","link":"https:\/\/www.hayden-homes.com\/blog\/how-to-create-a-first-time-homeowners-budget\/","title":{"rendered":"How to Create a First-Time Homeowners\u2019 Budget"},"content":{"rendered":"\n
\"How<\/figure><\/div>\n\n\n\n

There is a lot of information about what to expect during the home buying process but what happens after you receive the keys and move in? As a new homeowner, you will have a lot of new expenses you may not have had before, some of which can sometimes be a surprise. Here are the main expenses to budget for as a first-time homeowner.<\/p>\n\n\n\n

Property taxes and insurance<\/h2>\n\n\n\n

Your mortgage payment consists of the principal and interest on your home loan. It may also include property taxes, home insurance, and homeowner\u2019s association dues, if applicable. If your escrow does not include these items, you must budget for them separately.<\/p>\n\n\n\n

Even if your property taxes and insurance are rolled into your mortgage payment, it\u2019s beneficial to still save for them separately since they can fluctuate each year.<\/p>\n\n\n\n

Utilities<\/h2>\n\n\n\n

While utilities aren\u2019t unique to homeowners, former renters may not anticipate their utility bills being higher. Moving from a smaller apartment to a larger home comes with increased electricity costs.\u00c2\u00a0 Also, you may now have new bills to cover, like garbage, water, lawn maintenance, and pest control, which used to be covered by your former landlord.<\/p>\n\n\n\n

Maintenance and repairs<\/h2>\n\n\n\n

Managing the maintenance and repairs of your home can become expensive. As a new construction homeowner, you won\u2019t need to worry about maintenance and repairs for a few years but that shouldn\u2019t stop you from budgeting for future expenses now. You should be prepared to set aside 1 to 2% of the value of your home each year for maintenance.<\/p>\n\n\n\n

You should also consider setting money aside for any future upgrades you may want to make so the money is available when you\u2019re ready to take on the project.<\/p>\n\n\n\n

Emergency fund<\/h2>\n\n\n\n

Everyone should have an emergency fund that covers between three and six months of expenses. It’s to be expected for your expenses to increase as homeowners so make sure you\u2019ve accounted for them.<\/p>\n\n\n\n

Other home expenses<\/h2>\n\n\n\n

This will be for all the other home expenses that are often forgotten: new appliances or electronics, tools, equipment, and furniture and decor \u2013 especially if you\u2019re moving into a larger home.<\/p>\n\n\n\n

There\u2019s more to home financing beyond saving for the down payment and mortgage payments. Knowing what to budget for will help you stay on top of your new obligations so you can fully enjoy your new home.<\/p>\n\n\n\n

https:\/\/www.hayden-homes.com\/new-homes<\/a>When you\u2019re ready to buy your dream home in the Pacific Northwest, we\u2019re ready to help. We build attractive, friendly communities in Idaho, Washington, Montana, and Oregon. We have homes for sale you\u2019ll love and want to be your homebuilder of choice. Contact us today to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"

There is a lot of information about what to expect during the home buying process but what happens after you receive the keys and move…<\/p>\n","protected":false},"author":1,"featured_media":38921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[87],"tags":[],"yoast_head":"\nHow to Create a First-Time Homeowners\u00e2\u20ac\u2122 Budget - Front Door Blog by Hayden Homes<\/title>\n<meta name=\"description\" content=\"As a new homeowner, you will have a lot of new expenses you may not have had before. 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