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The Hidden Costs of First-Time Homebuying

August 29, 2012

While buying a home can be one of the most exciting purchases you’ll ever make, it is without a doubt also one of the most expensive. And the costs don’t just stop with a monthly mortgage payment. A brand new Mover Study by Zillow reveals that 21 percent of new homebuyers spend $10,000 or more on products and services that relate to their move.

Home appliances and home entertainment products were at the top of the additional expenses list. Another interesting find is that many new homebuyers are 90 percent more likely to buy a new car within a year of purchasing their new home. These same homebuyers are also 209 percent more likely to buy GPS to go with their new set of wheels. Many homebuyers are eager to learn more about their new neighborhoods, and new navigation systems are a great way to find out what a local area has to offer.

Cost for smaller tech items can add up, too. New homebuyers spend more on personal gadgets such as laptops, smartphones, and digital cameras. Buying a home can even affect brand loyalty. The Zillow study reported that new movers will switch up brands of everything from from baby products to dishwashing detergent.

We here at the Chicagoland Real Estate Forum would love to hear what unexpected costs came up for you while buying your first home.

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Jessica Thom

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