The Hidden Costs of Schenectady Homeownership

The Hidden Costs of Schenectady Homeownership

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The majority of first time Schenectady homebuyers understand the need for a mortgage and many are even familiar with the concept of needing to make a down payment. However, there are many other Schenectady homeownership costs that come up throughout the buying process and after closing that catch new homeowners off guard.

To have the most enjoyable buying experience with the least amount of stress it helps to find out the hidden costs of Schenectady homeownership in advance.

The Costs of Buying a Schenectady Home

As mentioned above a down payment is not the only expense you will encounter when purchasing a Schenectady home. There are many small fees that can really add up along the way, but they are for things you don’t want to skip. It is highly recommended that you have a home inspection before closing on a Schenectady house. This does cost you money up front, but can save you down the road if the inspector finds a major problem that you would need to address as the homeowner.

Other normal fees that you will encounter are part of the closing costs. They are fees for things like the appraisal and title search. These expenses are non-negotiable and usually easy to plan for. Talk to your mortgage lender for more details.

There is also a cost associated with making sure your house is move-in ready and this depends largely on what the sellers have done. If they have chosen to take all of their appliances with them, you will want to budget in some funding to buy new appliances.

Extras and Utilities

Once you become a Schenectady homeowner many of the utilities that might have been included in your rent will need to be paid. These expenses include things like electricity, heat, water, and garbage removal. These expenses are generally higher for homeowners than they are for renters. While none of the homeownership bills should be astronomical, you still want to budget for them so you aren’t caught off guard with several hundred dollars of extra bills each month.

Other hidden Schenectady homeownership expenses come from luxury items like cable TV or making those little updates that you thought would be so easy to do during your walk through of the house. While these expenses are optional, they are ones that you want to take into consideration when planning your budget.


One of the hidden Schenectady homeownership expenses that catch the majority of homebuyers off guard is the expense associated with maintaining the home. You might need to purchase a lawn mower and other lawn equipment. When something breaks in the house there is no longer a landlord to call to come and fix it. The responsibility and the bill are all yours.

Before you purchase your house do a little research into the Schenectady area. Ask the seller what their average utility bills are each month. Price out the luxuries you want to have in your house as well as the tools and equipment you will need to purchase to maintain the property. Use the information provided here to avoid breaking your budget with hidden costs after closing.

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