Money in Your Pocket: You've got to plan for more than the mortgage when buying a new house

SYRACUSE, N.Y. (WSYR-TV) - If you’re buying a new house, financial adviser Rick Reagan says to make sure you budget in a cushion for the things you’ll buy to get the house livable and the way you want it.

It’s not a small number.

The average person would put in about $5000 into a new home.

It doesn’t matter if it’s new construction or an existing home.  That $5000 is about the same for both options.

The good news is that if you’re budgeting, most of those extra expenses peak in the first month.

Here’s an interesting point.  Younger, lower income people spend more than the $5000.  This makes sense since they’re typically first time home buyers.  They need more stuff.

Regardless if it’s your first home or not, plan on budgeting an extra $5000.


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