Buying a home is a massive undertaking. For most of us, it’s the most expensive purchase we’ll ever make in our lives. Unfortunately, people often find themselves compromising and later regretting it. In today’s red hot real estate market, and in a booming city like KC, it can be easy to be pressured with tight deadlines to make a decision in, or to make the mistake of searching too narrowly, or even too broadly. Do you, like millions of Americans, get a sinking feeling whenever you pull into the drive way of your new home? If so, then you may have fallen victim to one or more of these hidden expenses of buying the wrong house.
It Doesn’t Fit the Budget
Are you eating ramen every night to afford your mortgage? Buying a house is complicated, and it’s easy to overlook the different costs. Maybe you budgeted for the mortgage, but did you also consider insurance, fees, property taxes, or even HOA fees? Maybe the home was in your budget…until you discovered the massive repairs and renovation it needed. Was your home more of a fixer upper than you thought it would be?
Maybe the house is in your budget, but then you realize your half hour commute from for work every day is just too long. Maybe you’re overspending on groceries now because you’re too far away from an Kroger and have to shop at Whole Foods instead. Maybe it’s as simple as being too close to the Power and Light District, when all you want is some peace and quiet at night. Does any of that sound like you?
Utilities can house a plethora of hidden costs. Maybe your home uses well water, and now you’re responsible for its maintenance. What if you have to redrill and move the well system? Or what if there’s a utility expansion in your area? Over time, that can add thousands of dollars to your tax bill.
Even if you have a home that checks every box for you, there’s one more hidden cost that could be lurking: structural issues. These are potentially massive problems that will eventually destroy your home if left unchecked, but the early signs can be easy to miss. Maybe you’ll notice that crack growing along the floorboard by your door, or maybe not. It could just be the caulking shrinking…or it could be your foundation sinking. Many homes in the Kansas City Metro Area are old, some of them are even over a century old. It’s entirely possible for a house to be newly renovated above ground, but with a foundation that’s cracked and crumbling. This is one hidden cost that is easy to fall prey to, but can be difficult to detect immediately.
Alternatively, you could take advantage of current low interest rates to refinance your mortgage and get some breathing room. Although real estate prices are high, it might not be the best time for you to sell, depending on your own personal financial situation. If you’re not ready to sell and already restructured your loan, you may want to rent a room out to help cover costs.
How to Escape the Wrong House in the Kansas City Metro Area?
Thankfully, if you’ve fallen victim to one or more of these hidden expenses, there are plenty of ways to get help! The Kansas City area is full of ‘we buy houses Kansas City’ companies and home buyers who are willing to pay you cold hard cash immediately for your home if you need to sell now. While you probably won’t get the full retail value for your home, this is a great way to get cash in hand and move on as quickly and easily as possible. Just fill out our form here to request a free cash offer to buy your Kansas City property.