Homes cost money. No one questions that, but ultimately, the average consumer is completely unaware of just how much money their new home will wind up costing them- this is especially true for first-time home buyers.

Unfortunately, all the advice in the world often isn’t enough to adequately prepare someone. A home, already a six-figure purchase, comes with while I like to refer to as “expense timers”. An expense timer is something that will eventually cost the owner money, and the clock is always ticking. Unsure of what I mean? Keep reading.

Common “Expense Timers”

A home is much like a car in that it requires constant maintenance, repairs, and care in order to operate at maximum efficiency. When you were growing up, did you put much thought into how much work your parents did on your home? Based on the simple fact that ignorance is bliss, I sincerely doubt it. However, as soon as the tables turn and you find yourself as the home-owner, the amount of work becomes staggering.

The most common home expenses are:

1. Appliances – If your appliances are included in the sale of the home there is usually a very good reason for it. Occasionally it’s simply because the seller is feeling nice or too darn lazy to move them, but more often than not it’s simply because the appliances are old and on their last legs. Do a thorough inspection of all the appliances – the washer/dryer, dishwasher, oven, stove, microwave, furnace, etc. – to ensure that they are of sound mechanical integrity.
2. Siding/Soffit/Fascia – If your home is more than a few years old, have a home inspector carefully inspect the siding, soffit, and fascia. These are wear items, that need replacing and/or repair over time. Of course, don’t forget the roof!
3. External paint – If you live in an area that receives four seasons this fact is especially true. Generally, a high-quality external paint job will last eight to ten years. If your home is approaching that age or older you may benefit from having the seller repaint the home as a condition of sale.
4. Garage door openers/misc. small appliances – This is almost always overlooked (for obvious reasons). Who thinks about a garage door opener when they are purchasing a home? No one, except for you (thanks to your recent education). It may seem like a small thing, but small appliances (such as garage door openers, air conditioners, humidifiers, etc.) are a royal pain to fix when they break- not to mention really inconvenient to be without.
5. The most dreaded timer of all: bathroom plumbing – If you have a puzzled look on your face right now, don’t worry, I get that a lot. However, consider the people who used to own the home before you: were they clean people that kept their home tidy? It probably looked that way when they were showing the home, but how was it normally? Things like fingernails, hair, toothpaste caps, and other random things will and have found their way into the bathroom sinks. This may not seem like a problem until it clogs. Then, before you know it, you’ve spent $500 on a plumber to flush your pipes. Save yourself the hassle and have the pipes flushed before your buy at the sellers expense.

Some Things to Consider

You will never be able to purchase a home without having to put some money into it after the fact. Like a car, your home will always require maintenance and care. However, by being litigious (some might even say ‘anal’) before you purchase you will be saving yourself headaches – and money – in the long run.

Keep in mind that a motivated seller will almost always agree to your picky demands so long as they aren’t outrageous. Would a seller decline to sell a home because a qualified buyer wants them to flush the bathroom pipes or verify the mechanical integrity of the air conditioner? No. Would you save money by being a little ‘anal’? You had better believe it!

Cameron Martel works closely with the mortgage experts at the Purcell Mortgage Team. Do you live in Canada and wonder how the Canadian home renovation tax credit might benefit you? Read the post and see if it answers your questions!