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Costly hidden expenses for homebuyers

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Buying a home is likely the largest purchase you will make in your lifetime. It takes a significant amount of savings, and can seem like an overwhelming process at times. You have to obtain financing, find a home, move all your stuff from point A to point B and so much more.

With such a wide range of things to have to worry about when shopping for a home, it’s critical you are aware of common things that will cost money once you do make a purchase. A thorough amount of planning might have been put into finding a home, but unexpected costs can soon turn into a nightmare. With that being said, here’s a list of some of the most common costs new homeowners will face:

  1. New heating: One of the most costly expenses for a home is replacing the heating system. A new gas furnace can cost up to $12,500. This is equivalent to a 20 percent down payment on a $250,000 home.
  2. Replacing the air conditioning: Having to get rid of an old air conditioning system and put a new one in can cost upwards of $7,000. Not to mention, this requires a significant amount of labor as the system is found all throughout the home.
  3. Insulation: Not having proper insulation could cost a fortune in energy bills. However, replacing it from scratch can cost $2,500.
  4. Deck makeovers: Considering lumber alone costs nearly $35 a square foot, building a deck can be an expensive endeavor.
  5. Roof repairs: A problematic roof can lead to a wide array of issues. Water could seep in and affect an electrical system, for example. And while a roof repair might be necessary, it will cost a homeowner an average of nearly $1,000.

Where buyers might think they are finding the home of their dreams, hidden costs can soon turn a purchase into a nightmare. Luckily, help is available.

Home inspection services are the ideal solution to knowing everything about a home before you move in.

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