5 Things you Need a Post-Sale Nest Egg For

Posted on: in [ Personal Finances, Post-Sale Nest Egg, Savings ]

post-sale nest

June is National Homeownership Month. This summer we’re excited to celebrate home ownership all season long! For everyone from those first time home buyers, retirement home-hunters, and everything in between; our dedicated team is here to help you find the perfect home for you and your family. Before you dig into your real estate research, be sure to stop in your nearest branch and inquire about a pre-approval letter, to make your purchase process even smoother.

Once you’ve found your family’s next home sweet home, you’ll want to make sure you have some spare savings in place to help you with these commonly forgotten expenses:

1.Furniture: While in the ideal world, all of your furniture and family items would cohesively fit from house to house, often this is not the case. Many times when purchasing a home, you may find you need some extra seating, a new storage piece, or other home essentials to make your space complete. These expenses aren’t a negative, however, it does lift the weight off your shoulders by saving for them in advance.

2.Paint and Other Updates: Selecting your new home involved many hours and countless decisions. One of the most important factors when choosing your new residence is location. While you CAN change the walls the floors and everything in between, one thing you cannot change about your new property is where it will be located. This being said, the paint color, carpet, and appliances can all be updated if needed. By adding this into your post-sale budget you can ensure both you and your family will be happy in your new home.

3.Unexpected Repairs: Murphey’s Law is no myth. While we hope nothing bad would ever happen after moving into your new home, the truth is it can. It may be a lightning strike wiping out your favorite tree, or a simple faucet drip you didn’t notice during inspection. Whatever the case, saving a small nest egg for your home’s emergency is always good practice before closing on your home.

4.Household Tools: This one is especially true for first time buyers, or new owners transitioning from a condo or apartment. Equipment such as a lawn mower, garden hose, and snow shovel are other outdoor tools you may find yourself searching for in the first few days after closing. By adding the cost of these items into that nest egg you can be certain that maintaining your property doesn’t come an unexpected expense.

5.Recurring Bills: Everything from water, electric, sewage, trash, cable, internet, etc. will commonly be billed on a recurring or monthly set-up. This means that during the purchase of your new home, you will need to communicate with the seller to determine what date the services will be switched or shut off upon the seller’s discontinuation of use. Many times this then indicates that the buyer will need to cover a portion of the month’s cost until the next month of service is provided. While the costs for this usually are astronomical, it does help to prepare some additional savings to cover this foreseeable cost.

As you can see there are variety of elements to prepare and save for prior to the purchase of your new home. State Bank is your friendly home buying adviser, and offers everything from savings accounts to expert advice, to help you get through your home closing process. If you have additional questions, or would like to start the buying process for your family’s new residence, stop by or call our offices today! 

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