When most people think about buying a home, they focus on the big checks they have to write, like down payments, closing costs, and inspections. But there are also some sneaky little expenses that sneak up on you when you're in the midst of house-hunting chaos!
Don't worry, they aren't going to impact your mortgage pre-approval like buying a new car or paying for a vacation on your credit card would. (And they would…so don't!) They're just some little extra costs that add up more than you might think they will!
Here are 6 hidden expenses you might want to throw a few bucks at when budgeting for your home search:
The quest for the perfect home is a marathon, not a sprint. You need fuel—and by "fuel," we mean lattes, mochas, and the occasional 20-ounce iced coffee just to get you through the endless stream of showings, open houses, and car rides through neighborhoods you wish you could afford.
It's easy to live with scuzzy socks and even ignore the occasional toe peeking through. But that changes the moment you're asked to take your shoes off at a showing. Suddenly, every hole and stretched-out heel becomes glaringly obvious.
You might plan on making a healthy dinner… but then the home of your dreams hits the market at 10AM and offers are due by 8PM. (Yeah, houses can sell that fast…) Sometimes you gotta do what you gotta do to cram some food down without having to cook it.
You told yourself you'd wait until you actually owned a home before buying any décor. And yet… here you are, walking out of HomeGoods with a cart full of "neutral but cozy" throw pillows, a trendy vase you swear will go somewhere.
It's not just the fuel you'll burn speeding to see a new listing before another buyer beats you to it. It's the spontaneous detours you take to check out a yard sign you spot on a side street, only to find out it's a campaign sign for a local politician—not a new listing.
It's the dozens of drive-bys past a house you've made an offer on, and are now emotionally stalking while waiting for the seller to respond. And of course the neighborhood reconnaissance missions, complete with unplanned routes, U-turns, and "just one more loop around the block" moments.
While your agent is surely right there with you and chiming in with their take on the house, they're also likely sizing up the situation in entirely different ways you might not even realize. Agents are often looking for certain clues that could make or break the deal if you decide to make an offer.
Here are five things real estate agents take note of while showing a house, just in case their client is interested in making an offer on it:
Buyer's agents often leave their business card behind to let the owner and the listing agent know that they were there. You might not notice them, but your agent is likely checking out how many business cards were left by other agents to gauge how many showings there have been, and how much potential competition you might be facing.
They may even take a closer peek at the business cards to see which agents have shown the property so they know who they're up against in the negotiation ring if there are multiple offers.
Boxes tucked away in the garage, half-empty closets, or some missing furniture that they saw in the listing photos are all things your agent may notice, which could be subtle signs that the sellers are already packing up. It may just be that they're getting a head start on their inevitable move, but it could also be a sign that they're highly motivated, which is good to know when negotiating.
If it looks like one family member's clothes are conspicuously missing from the closet, or there's only one toothbrush in the en suite bathroom, yet the tax records indicate two people own the home, that will be something an agent picks up on. It could just be that one of them has already moved due to a job relocation and their significant other will move once the house is sold… but it could also be a sign that they're splitting up. Either way, it gives your agent insight into the seller's situation and could be a sign that they're motivated to make a deal.
Seeing signs of a seller's occupation—whether it's a home office that looks like it belongs to a sales person, or a degree on the wall that indicates they're a doctor, lawyer, or a teacher—can be more than just a fun fact. Your agent can use this info to get a feel for who they're dealing with, and tailor how they present your offer and handle negotiations.