Planning Your Budget for a New Home

When you think about buying a home at the Lake of the Ozarks, your excitement may have you thinking of everything BUT the expenses you'll incur once the sale is complete. As a homeowner, you'll have many new responsibilities that will play a role in your new budget plan. So before you move ahead on purchasing a home at the Lake of the Ozarks, we're sharing with you a list of potential expenses you'll need to consider when planning your new home budget. Take a look:

Homeowners Insurance
In Missouri, the average homeowner's insurance premium is $1,119. An insurance premium is paid either annually or monthly, and it will depend on your insurance provider. If you are getting a mortgage for your home, many lenders will require that you have homeowners insurance. It's worth it to do your research and call around for the best price and service.

Utility Bills
These may not come to mind immediately, especially if you've been living in an apartment where the utilities are taken care of for you. Electricity, heating, cooling, water, sewer, and trash services are just a few of the essentials you'll need to add into your budgeting plan. While the totals will vary between providers and regions of the country, you can expect to pay hundreds of dollars per year for this.

The Internet, Cable, & Phone
These may be considered luxury items, but many households still include them in the total cost of owning a home. While landlines are not as common as they were fifteen years ago, amazingly, 48% of people in the US still use them. If you plan on surfing the internet without using your cellular data, or watching the big game on a sports channel, internet and cable are also a few figured that you'll want to add to your current budget.

Repair & Maintenance Costs
It will be inevitable that something will need to be repaired when you live in your home. Because maintenance and the cost of repairmen can be potentially more than you would expect it's always a good idea to set aside some money in your budget for these unexpected costs.

Decorating, Furnishing & Landscaping
You may find that when you move into your new home, the couch isn't the right size, or you really need to invest in a dining room table. Or you may also realize that the red kitchen isn't quite what you wanted, so you decide to repaint it to match your decor. All of these things should be included in your budget, especially since they are costs that come about because of your new home.

Homeowners Association Fees
While this may not be applicable to every buying experience, for the new homeowner's that it does apply to, you'll want to budget this in. While the price varies between every HOA, it could be less than $100 or several hundred, depending on the association.

Best Real Estate Company at the Lake of the Ozarks
At eXp Realty, we want to help you reach your homeownership goals. From the first time you call us, to the final moments when we hand you the keys to your Lake of the Ozarks home, we will be with you, answering questions and giving guidance. Contact us today to see how we can get you set up in your very own lakefront home at the Lake of the Ozarks!

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2011 REALTOR Salesperson of the Year
Missouri Association of Realtors

752 Bagnell Dam Blvd., Suite A
Lake Ozark, MO 65049

Office | 573.365.1555
Fax | 573.365.1766


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