Unlocking the Secrets of Legalese: How AI Legalese Decoder Can Revolutionize Budgeting for First-Time Homebuyers
- May 21, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for Homeownership while Transitioning Jobs
I am currently in the process of switching jobs and am taking the opportunity to reevaluate my budget for the upcoming year. In addition to this, I am also looking into purchasing a house in the near future and would like to incorporate this major financial decision into my budgeting plans.
## Calculating Home Maintenance Costs for a New Home
As I consider the prospect of buying a 3-bedroom/2-bathroom house in average condition, I am faced with the daunting task of anticipating the costs associated with home maintenance and repairs. Despite hearing horror stories about the endless woes of homeownership, I am uncertain about how to realistically budget for these expenses.
## How AI Legalese Decoder Can Help
AI Legalese Decoder can be a valuable tool in this situation as it can analyze and interpret legal jargon commonly found in housing contracts and agreements. By using this software, I can ensure that I fully understand the terms and conditions related to home maintenance responsibilities and potential costs. This will enable me to make informed decisions and accurately estimate the amount I need to set aside for future home repairs, allowing for a more realistic and comprehensive budgeting plan.
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**AI Legalese Decoder: Breaking Down Legal Jargon**
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The answer is… it depends. I am a financially conservative person. So I like to assume that the annual maintenance will be like 3 months mortgage a year. It is completely unscientific, mathematically doesn’t really make sense but it has not’ lead me astray so far. When I have extra money left over that hasn’t been used by the end of the year I consider that a bonus and keep saving up for when a major house expense happens. I have replaced a few roofs, hvacs, in my time to know that non-fun upgrades definitely can happen.
I’ve read budgeting for 1-5 percent of your home values per year to home maintenance. You decide what percent based off the price of the home, age of the home, current condition, etc. that’s just for ongoing year to year stuff. Obviously you want to have a safety net at the start tho for early surprises but that number is very your home dependent based on the age and condition of the various items in your new home
It depends upon the condition of the house and your ability to do some of the work yourself. For example, my hot water tank went out last fall. I got a quote to have it replaced by 3 plumbers and they quoted me from $1800 – $2500. I replaced it myself for $750. If you can do some of the simple things yourself, you’ll save a ton on maintenance.
I’d say a rough guideline is to plan to spend about 1 months mortgage on maintenance if you do the simple stuff yourself and 2-3 if you’re paying for someone to do it all for you.
It’s dependent on the condition and age of the home you buy.
In my experience, if you buy a home that’s less than 15 years old and of course passes home inspection with no major issues.
Note: All homes, even new builds, will have some minor issues upon inspection.
In my experience, it’s usually the appliances that develop issues. Things like the refrigerator not holding temperature or washing machine not draining, etc…
More details on the home would help, but I wouldn’t over estimate if the house is relatively new. It’s older homes that usually need more maintenance and upgrades in the first few years.
The easiest way to start is to establish a sinking fund that takes into account bigger ticket items such as roof, HVAC, fence, oven, dishwasher, refrigerator, etc. You can estimate where they are in their current life-cycle, how much it would be to replace them, and then divide out the sum into month-by-month savings based on when you think you’ll have to replace them.
As an example, if I thought my roof had 7 years left and cost $10,000 to replace, I would throw $119/mo into a high yields savings account sinking fund. Once you build up a balance and get a feel for the “unknown unknowns,” in your home that surprise you, you can add or decrease savings rate as appropriate. In the beginning, you “don’t know what you don’t know,” so it’s best to go off a conservative estimate. Things will likely live longer (or shorter) than your estimates, but this approach moves you in the right direction so you aren’t trying to scrape up as much money if things pile up all at once.
It’s going to depend on the age of the house you buy, the age of the appliances, the age of the roof, the age of the water heater, the age of the HVAC, how much maintenance the previous owner did, etc.
I have a 100 year old house in a LCOL area. My water heater, stove, dishwasher, and dryer are all past their life expectancies, but I just fixed the dishwasher and dryer myself and expect to eek out a few more years. I budget for $150 in maintenance a month and out anything I don’t spend in savings. This has not been sufficient for the first year because I had major unexpected expenses for the first three months. But I think now as I’m going into normal maintenance instead of oh God there are rats and they ate some wires maintenance it should start being sufficient.
I bought a 50-year-old house and honestly I haven’t HAD to do any maintenance. I have replaced my carpet with vinyl tile, redone a bathroom, redone my kitchen sink, added a fence, changed blinds, and painted.
Now, I did all of that myself and it’s probably run me around 8k in three years. Your house shouldn’t have anything wrong with it. That’s the point of the inspection.
On top of all up front costs, plan on an additional 50k in the first year just for what-ifs.
But there is very little information to go by.
What is the purchase range? Conventional? Fixer or new? SFH or condo?
And many other missing things too.
This is why you have an inspection, there shouldn’t be major surprises, that being said there is ordinary maintenance so expect 0.5% of your purchase price.
https://www.coldwellbankerhomes.com
I’d look for a house in my area that is similar to what I want to eventually buy. Coldwell has a pretty good estimate cost tool on the listing page (it’s towards the bottom). Sometimes the taxes that auto populate are off, so check in the full details section.
Once you know around what your mortgage MIGHT be, I’d try to save that amount each month less your normal housing cost. So if you think the mortgage is going to be $2,000 and you currently pay $1,500- save the remaining $500.
As far as maintenance and repairs go- your first year will probably be the worst. People tend to forgo repairs when they know they will be selling. It’s not unusual for people to spend $40k in their first year.
But that’s also dependent on you and what you want.
Basic repairs and a little extra for when those big repairs come up should average about $10k per year.
Me personally- maintenance and what not runs me $3-5k
Depends on so many things. After the inspection you’ll know more what items are a “must fix right now” and whether you’re willing to do that or come back to the seller to negotiate things like credits at closing. For example, the only “big” thing our inspection found, which in the grand scheme of things really isn’t that big was that some part on our roof that has to do with the fireplace (sorry lol forget what it’s called) was cracked and needed replaced. We accepted that and got quotes ranging from $1800-5k. We set up repair for $4500 in the end. But, we have spent like $50k on other things that weren’t needs but wants like removing bulkhead from kitchen, repainting entire house, some new floors, closing a doggy door so our indoor cat doesn’t escape, etc.
Now is the worst time to be thinking about buying a house. Interest rates high and declining you’re paying a 40 to 50% premium for the house itself. There is going to be a much larger supply in the future of foreclosures and new construction to meet demand. It just makes sense to wait it out.