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Budgeting for Your First House

Buying a home is an exciting time, and it requires significant planning and preparation on your end. Building a realistic budget is one of the most crucial steps in shopping for a home, and it is vital to avoiding foreclosure and other distressed home scenarios. The Kansas City local movers want to help you figure out how to manage the expense of owning a home and avoid a strapped budget that leaves all your funds feeding your mortgage.

Factoring in all of the costs, not just the mortgage cost, is important. Monthly you will be faced with utility bills and other expenses that need to be considered. Here is a general list of moving and other expenses that you will likely be dealing with in your move:

The home inspection (around $400)

Closing costs (if not paid by the seller), which includes the appraisal, loan, title, and lender fees. If the home costs $200k, the closing costs are generally just under $4k.

Homeowners association fees, which vary by development

Moving costs, which vary by size of home, as well as additional factors

Maintenance costs, such as repairs


If you are moving into a bigger home, you have to realize you will pay more monthly in utilities, as you will be using more power and more air to make a bigger space comfortable. Gas, electric, and water bills are likely to rise. Have automatic sensor lights in the driveway? Expect higher wattage usage. Ditto for automatic sprinklers, which will up your water usage.

Factoring in these fees, analyze your monthly income and what amount is reasonable for you to still have a little cushion to enjoy occasional dinner dates, athletic memberships and family vacations without getting into debt.

Good luck on your home search, and remember, living within your means is one of the smartest things you can do to keep finances in check and avoid the burden of overwhelming debt.