Carol-Ann Palmieri & Al Mussi's Blog
When you budget to buy a home, you sit down, do the math, and try to estimate what all of your monthly costs will be. There are so many monthly costs that come with being a homeowner that can make the whole process complicated. Sure, you have taken the standard costs into account like home insurance, property taxes, and even utilities. But there are a few out-of-the-box costs that you’ll need to consider for your house hunt.
Flood Or Other Natural Disaster Insurance
Natural disasters are costly and devastating. Many homeowners who live in areas that are affected by natural disasters like floods and earthquakes often opt for additional coverage for their homes. Premiums for earthquake and flood insurance often end up being very high. As a natural disaster strikes, these premiums can go up even more. If you live in one of the high-risk areas for natural disasters, you’ll want to check with your insurance agent ahead of time to plan for the additional costs that these special kinds of insurance will incur.
Water Costs During A Drought
There are many areas across the US that suffer drought conditions from time to time. Your water bill can skyrocket during these times. It’s best to continue conserving water and watch your bill closely in order to try and save some costs. There’s not a whole lot you can do otherwise to control your bill. You’ll need to stay prepared with some extra cash on hand in case of these emergencies and know that costs can rise due to different environmental conditions.
Tax Hikes And Special Assessments
As a homeowner, you’ll need to prepare for different kinds of assessments and tax increases. If your condominium complex needs significant repairs then you’ll probably end up paying an assessment to help offset the costs. This is what comes with belonging to a homeowner’s association.
You can’t prevent that the town is building a brand new school that requires a tax increase, nor can you prevent roof damage on one of the buildings in your complex. Financially, this is a hidden cost of homeownership that you should be prepared for.
Unexpected Maintenance Costs And Home Furnishings
Once you move into a home, you’ll need to prepare for the unexpected. The dishwasher may need to be replaced. The roof may need repair. The walls may need some paint.
When you buy a home you may also need a bunch of things to furnish the home. These could include dishes, pots and pans, sofas, beds, and more. You don’t want to leave your new home completely empty! You also don’t want to be without vital appliances like an oven or a sink for too long if they are outdated or in disrepair. This is why it’s a good idea to have extra money on hand to deal with any of these costs.
The best rule of thumb to follow when buying a home is to always be prepared with a but of extra cash on hand to avoid major issues down the road.
Build quality is the first factor to look at. All materials should be above the standard. From the construction to the wood flooring and marble countertops. Almost everything is custom with detail and care put into each element. One-of-a-kind hard-to-find features make a home feel luxurious and certainly a cut above the rest. Many buyers are now seeking out homes built from sustainable materials and boasting eco-friendly features.
The second factor is location. It could be acres of land isolated from the hustle and bustle of city life but full of stunning views. Or in the heart of a city that is always on the pulse with a sweeping scene of the lights and glamour only stacks of buildings can create. No matter the surrounding population you can be sure a luxury home will have a high degree of privacy. And many times equipped with security necessary to keep that treasured privacy from being disrupted.
A third is the prestige of the build. A home designed by an esteemed architect has much of the same appeal as buying a painting from a renowned painter. Alternatively, a home with an interesting backstory and/or history adds intrigue and exclusivity. They often boast state of the art features and are completely bespoke to the owner and landscape. A current trend is understated builds that feel seamless and non-disruptive to their surroundings.
Amenities not otherwise found in standard homes set a luxury home apart from the herd. Think theater rooms, fitness centers, an indoor pool, or wine cellar. And in many cases all of the above. Large balconies provide the homeowner to take in the impressive views of their chosen surroundings. While meditation gardens and outdoor showers transport to another world. Bringing outside luxuries onto the premises makes these homes an insulated oasis from the outside world, for their owners to kick back and relax.
Quality and individuality coupled with privacy make a home highly coveted. The resources that go into crafting the experiences these builds provide make for a luxury home. Many think it’s simply the price tag. However, this is simply a representation of how much time and thought was put into the creative process of building a truly luxurious home. When house hunting keep these factors in mind as they absolutely determine the value and cost of each of the homes that find their way onto your wishlist.
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