First-time home buyer? Budgeting tips to help you manage your finances

 Buying your first home can be an expensive affair. Despite the extensive planning and saving that goes into buying a new home, some people suffer financially from the mountain of payments that follow. If you are planning to buy a new home, these are some tips to keep in mind so that you are financially safe.

 

1. Maintenance and repairs 


First-time homeowners tend to neglect to check on whether their new home requires repairs or maintenance. If you move into a house that had owners before you, make sure that your new home does not have any impending repairs like a leaky roof or faulty taps. These repairs can add up over time, causing huge financial loss. Make sure that you plan any such repairs into your budget.

 

  2. Moving costs


If you live in a rented apartment and buy a 2 BHK apartment in Thane, you might not anticipate the moving charges that might pile up since you are simply changing houses in the same city. However, shifting homes, even in the same city, can be an expensive affair. Save up extra money to cover moving expenses. Most professional packers and movers are quite expensive. Even if you decide to shift your things by yourself, you still need to spend on transportation.

 

3. Emergency fund


Shifting homes is an excruciating process. At any time right before, during, or after shifting, you may incur additional expenses such as transportation fees or a gas bill you have forgotten to pay. An emergency fund will not only protect you from such costs but also provides a safety net in case of any injuries or any damages to property or if an unexpected medical emergency comes up. 

 

4. Accommodation 


Try to begin the process of moving into your new home well before you reach the deadline to leave your old home. If you are moving into flats in Goregaon or Mumbai, it can be pretty expensive to live in a hotel or a rented space. If you plan to use rented accommodation while moving houses, make sure to add it to your list while budgeting.

 

5. Water and energy costs


An unexpected expense that first-time homeowners come across is the money spent on water, electricity, and heating or cooling bills. Since most first-timers do not anticipate such accounts, they often realize that they cannot pay these essential bills and so have to adjust by using money they planned to spend on investing, loans, or a vacation fund. 

 

If you keep these essential tips in mind, you can avoid any unexpected financial needs that may come, as it does for so many first-time homeowners.

 

 

 

 

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