As a first time home buyer, I'm making sure I have all of my expenses accounted for and I can afford everything I'm getting myself into.
I'm currently allocating money for:
- Home Insurance
- Car Insurnace
- Phone expenses
- Security system
- School tuition (obtaining a master's degree while working full time)
My car is paid off so I don't have a car payment, with all of these expenses I should have enough for food and misc expenses each month.
Am I overlooking anything? I'd like an opinion from current home owners to see if they have insight on anything that a first time home buyer might not be considering.
Edit: The property is a newly constructed townhouse and I'd be the first to live in it. There are warranties on everything for a year, and then other pieces (windows, siding, HVAC, plumbing, etc) have warranties varying from 2 years to lifetime. So I'm hoping the time frame that I'm planning on owning this house (2-4 years) there hopefully won't be any major issues that require serious fixes.
As far as maintenance, the HOA fee covers everything outside (mowing, is really all there is) and the yard is only about as big as a slightly long double car drive way so there isn't a ton of room outside, but there is a privacy fence that each unit gets that blocks them off from their neighbors.