Look Beyond the Purchase Price Alone

This month, the Florida Association of Realtors (FAR) has provided a useful summary of common expenses faced by new home buyers.  Originally provided by the the National Association of Home Builders (NAHB) and published on their site (HousingEconomics.com), the report indicates that the three largest expenses confronting most new home buyers are:

  • Outside addition or alterations
  • Other upgrades and repairs
  • Other furnishings

Certainly, these are aggregated results and do not necessarily dictate that these expenses will be required on any given purchase.  But when considering the purchase of a new home, we urge buyers to look beyond the acquisition cost of the home alone and determine the extent of those upgrades and improvements that will be required.  Setting a timeline and budget for these items will help avoid cash flow issues down the road and generally improve the experience of owning a new home.  For a complete list of these expenses, just click on the graphic below: