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Chelsea State Bank

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7 Additional Costs With Buying a New Home

August 18, 2019

Budgeting and Costs With Buying a New HomeBecoming a homeowner is a huge financial undertaking. In addition to the upfront costs like a down payment, getting loan approval for the appraised purchase price of the home and closing costs, you also need to calculate how much money you will need after for costs with buying a new home. It’s more than just your income that the bank will review. At Chelsea State Bank, we will work with you to make sure your monthly costs can’t exceed a percentage of your income in relation to your expenses so that you can meet your total monthly homeownership payment obligation. Chelsea State Bank will look at your debts in addition to your income along with costs that you need to anticipate after buying a new home. Here are some of the items you can anticipate after for costs with buying a new home.

1) Homeowner’s Insurance

Homeowner’s Insurance insures the property against any damages. Most financial institutions including Chelsea State Bank will require you to carry homeowner’s insurance. You will want to compare home insurance quotes from at least three different insurance companies to make sure you’re getting the best deal.

2) Homeowners Association Fee (HOA)

Homeowners Association Fee (HOA) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association. HOA fees are almost always levied on condominium owners, but they may also apply in some neighborhoods of single-family homes. For condominium owners, HOA fees typically cover the costs of maintaining the building’s common areas, such as lobbies, patios, landscaping, swimming pools, and elevators. The association may also levy special assessments from time to time if its reserve funds are not sufficient to cover a major repair, such as a new roof or road repairs. HOA fees can also apply to single-family houses in certain neighborhoods, particularly if there are common amenities such as tennis courts, a community clubhouse and pool, or neighborhood parks to maintain.

3) Moving Expenses

Moving expenses will depend on several factors. Costs can vary from a one- or two-story apartment or home, how much needs to be moved, the number of rooms, and moving distance. Just like with any service you will want to get quotes from several different moving companies to ensure you get the best rate.

4) Home Maintenance

Home maintenance costs need to be budgeted for unexpected home repairs. A good rule of thumb is the one-percent-rule. Set aside at least one percent of your home’s value every year for home maintenance. For a $360,000 house, this works out to $3,600 per year, or $300 per month.

How Much House Can You Afford Calculator

5) Utilities

Utilities like heat and lights, may require you to pay a deposit at the beginning, unless you have good credit. The cost of utilities will depend on many factors including your use and if you have energy efficient appliances, windows and insulation. There may also be fees for setting up or transferring cable and internet services. If you’re moving into a bigger place your utility costs may be much higher than before. In addition, you may want to also set up a home monitoring system in your new house. Some homes come pre-wired with the equipment but will require a setup fee.

6) New Furniture

New furniture may be required if you’re moving to a larger space. You will want to keep in mind that you will need more furniture, wall art, curtains, etc. Decor that went well in your old space may not work as well in your new home. Unless you are okay with what you have and don’t mind your new bigger space feeling a bit empty, you need to budget accordingly.

7) Renovation

Renovation needs can vary, but in addition to your annual maintenance costs, it is a good idea to set aside some extra cash for remodeling and future updates as needed. Once you get into your new space, the ideas start to expand.

When getting a mortgage loan, always talk to one of our experts at Chelsea State Bank about costs you can expect in the first year and beyond for home ownership. You want to have a good understanding of the full homeownership cost and Chelsea State Bank can help you make those calculations. Contact us at (734) 475-4210 or online here.

Chelsea State Bank is an Equal Housing Lender.

Related posts:

  • 6 Questions to Ask Before Remodeling Your Home
  • 4 Reasons Millennials Want to Buy Instead of Rent a Home
  • Costs When Buying Your First Home
  • Getting Pre-Qualified for a Mortgage is Key to Buying Your Next Home
Previous Post: « Chelsea State Bank Announces Joanne Rau Next President
Next Post: Get A Mortgage Prequalification Before Starting Your Search »

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Related Posts

  1. 6 Questions to Ask Before Remodeling Your Home
  2. 4 Reasons Millennials Want to Buy Instead of Rent a Home
  3. Costs When Buying Your First Home
  4. Getting Pre-Qualified for a Mortgage is Key to Buying Your Next Home

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Free Kasasa Cash Checking Benefits

The average interest rate earned on most checking accounts is not even 1%! And many banks charge you just to keep your account open. A Free Kasasa Cash Checking account through Chelsea State Bank is not only free to use and keep open, but it offers some of the highest annual APY1 of any account. There’s no minimum balance, no fees, and you have access to online banking services, as well as personal service from Chelsea State Bank.

  • Earn 2.53% APY1 annually on balances up to and including $10,000*
  • Earn .25% APY1 on balances over $10,000*
  • Earn .05% APY1 if qualifications are not met*
  • No maintenance fees
  • Full-service online banking
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  • Refunds on ATM withdrawal fees up to $25*
  • $1.00 minimum deposit to open. No minimum balance requirements.

*To earn your rewards, enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa Cash Back account during each Monthly Qualification Cycle:

  • At least 12 debit card purchases
  • Be enrolled in and agree to receive e-statements
  • Be enrolled in and log into online banking.

1 APY = Annual Percentage Yield. Rate is variable and may change at any time. Fees may reduce the earnings on this account. APY is accurate as of 04/01/2020.

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Free Kasasa Cash Back Checking Benefits

Most cash back rewards cards sound great at first, until you read the fine print: You only get rewards on certain items, at certain stores, at certain times. With a Free Kasasa Cash Back Checking account, you get 4% cash back on all purchases up to $200 monthly. That’s $96 cash back every year. And you still have access to top-notch online banking services, one-on-one service through Chelsea State Bank, no maintenance fees, and refunds on ATM withdrawal fees*.

  • Earn 4% cash back on all purchases up to $200*
  • No maintenance fees
  • Full-service online banking
  • Personal service with Chelsea State Bank
  • Refunds on ATM withdrawal fees up to $25*
  • $1.00 minimum deposit to open. No minimum balance requirements.

*To earn your rewards, enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa Cash Back account during each Monthly Qualification Cycle:

  • At least 12 debit card purchases
  • Be enrolled in and agree to receive e-statements
  • Be enrolled in and log into online banking

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Free Kasasa Tunes Checking Benefits

Online shopping and services allow you to get what you need when you need it. But did you know that you can earn separate rewards on your online purchases? With a Kasasa Tunes account, you can earn $10 in rewards every month straight back to your iTunes®, Amazon®, or Google Play™ accounts. The best part is, you can make purchases anywhere and get rewards back to your online accounts!

  • Earn $10 monthly to your iTunes®, Amazon®, or Google Play™ accounts
  • No maintenance fees
  • Full-service online banking
  • Personal service with Chelsea State Bank
  • Refunds on ATM withdrawal fees up to $25
  • $1.00 minimum deposit to open. No minimum balance requirements.

To earn your rewards, enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa Tunes account during each Monthly Qualification Cycle:

  • At least 12 debit card purchases
  • Be enrolled in and agree to receive e-statements
  • Be enrolled in and log into online banking

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