NORTHBROOK, Ill. (May 11, 2009) - Buying
a new home involves a lot of paperwork. But sometimes, previously hidden costs
and issues can emerge to buyers once the deal is already done on a new home.
"Nothing
can ruin the excitement of a new home like the surprise and inconvenience of
unforeseen expenses," said Fran Broude, president and COO of Coldwell Banker
Residential Brokerage. "Spot veiled costs with the help of your Realtor,
inspector and homeowner friends."
Here
are some common hidden home costs - revealed:
- Utilities.
The cost of gas, electric, and other utilities in a
new home can add up, so be sure to ask the seller to provide estimates of
monthly or annual heating and cooling costs. Have furnaces and central air
units checked to see when they were last serviced to nip any pre-existing
problems in the bud before closing.
- Exterior
surfaces. Some sellers give garage doors, front
porches, and other exterior surfaces a quick makeover with a fresh coat of
inexpensive paint to spruce up their home. Look closely and carefully at
these exterior facades to make sure it's not hiding anything underneath
that can be costly to repair later.
- Interior
features.
While you can expect that carpets and floors will come with some
wear and tear in an existing home, water damage is something that
shouldn't be taken lightly. Work with your inspector to find out if any
leaks are present or if the owner has done work to repair water damage in
the recent past.
- Property
taxes. An unexpected leap in property taxes can be quite
a rude revelation for buyers. Before closing, be sure the seller provides
a copy of the last few years' worth of property taxes, and inquire about any
property tax assessments on the horizon. Your Realtor also can be a source
for local, applicable taxes you should be aware of.
Coldwell Banker
Residential Brokerage, a leading residential real estate brokerage company
serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 58 offices with more than
3,800 sales associates. Coldwell Banker Residential Brokerage is part of NRT
LLC, the nation's largest residential real estate brokerage company. NRT, a
subsidiary of Realogy Corporation, operates Realogy's company-owned real estate
brokerage offices. For more information, please visit www.coldwellbankeronline.com.