Get Help with Unanticipated Homeownership Expenses - DRB Capital
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Some of the Best Structured Settlement Purchasing Companies May Be Able to Help with Unanticipated Homeownership Expenses

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How DRB Capital May Help with Unanticipated Homeownership Expenses

homeownershipBuying a home can be an exciting milestone, but there is a lot more to consider than just the initial purchase price.  If you need extra cash to take care of unexpected homeownership expenses or to buy a home, we may be able to help if you’re receiving structured settlement payments.  Some of the best-structured settlement purchasing companies work with you to help you determine how many future payments to sell to reach your goals.

Many first-time homeowners are caught off guard by some of the various unexpected costs of homeownership.  This article outlines some of those unanticipated expenses, which can help you be more prepared.

Paying for Utilities

If you’re moving from an apartment to a home, you need to be prepared for the substantial increase in your monthly utility bill.  And when you need to heat or cool off a large home during intense weather conditions, you may see a significant monthly increase from what you’re used to.  Your water and sewage costs may also increase greatly, especially if you now have a yard.

Repairs for the Home

Unless you are buying a brand new home, in which case your repair costs should be minimal for several years, It can sometimes be difficult to assess your true maintenance and repair costs.  While a pre-closing inspection will help to assess any major concerns, it cannot predict the future and tell you when further repairs will be needed and at what cost.  Often, it will not be clear until you actually move in and start unpacking boxes how much money you will need to spend.  For example, it is always possible for something to go wrong with major appliances at any time, but it can be particularly costly when they break down right after you move into a new home.

Also, don’t forget that your home can suffer substantial damage from extreme weather and while your homeowner’s insurance may cover some of the expenses, it likely will not cover all of them.  Whether it’s hurricanes, ice storms, flooding, or fires, mother nature can take a toll on your home and property!

Insurance Coverage for Homeowners

home insurance coverageHomeowner’s insurance is an important cost to consider when buying a house.  Generally, the mortgage company will require such insurance before approving a loan for a home purchase.  Homeowner’s insurance costs vary depending upon location and other factors.  Depending on what type of property you purchase and your location, you also might be required to buy a separate policy for flood insurance.

Also, rates can vary greatly from year to year so don’t expect that the rate you are paying for the first year you own the home will remain the same over time.

Closing Costs

homeownership closing costWhen you buy a home there are many one-time costs involved, some of which are charged to the seller and some of which are paid by the buyer.  Closing costs refer to the fees related to purchasing a property that typically includes loan origination, appraisal, credit report, title search/title insurance, and other miscellaneous fees.  Due at the time of closing, these costs can be a few to several thousand dollars, depending on the cost of the home.

Pool Maintenance

Buying a home within your budget that already comes with a pool can feel like you’ve hit the jackpot, but just keep in mind that it can be costly to maintain a pool.  On average, it ranges from $80 to $150 monthly for maintenance, which equates to approximately $960 to $1,800 annually.  Over time your pool will require repairs and resurfacing which can range from $5,000 to $10,000.  The average annual cost to own a pool range from $3,000 to $5,000 or even more.  This includes water, electricity, maintenance, and repairs.

Contact DRB Capital

Do you need extra cash to take care of unexpected homeownership expenses, like a repair bill?  Does your home need renovations and remodeling, but you just don’t have the funds for it?  If you’re the recipient of a structured settlement payment stream, we may be able to help you.  We are one of the most experienced and one of the best-structured settlement companies, and we specialize in helping people with the sale of their structured settlement payments.  Contact DRB Capital today at 877-894-4541 for more information.