Beyond The Mortgage

The Most Expensive Part of Buying a Home in and around Newton Isn't the Mortgage

Based on today’s MLS data, there are 156 single-family homes for sale with a median price of $2.56 million.

In a $2.56 million Newton home, it is not unusual for a new homeowner to spend $50,000 to $150,000 during the first year after closing.

Interior painting, custom window treatments, landscaping, furniture, technology upgrades, and deferred maintenance can add up quickly.

And if a major system, such as the roof, boiler, sewer line, or retaining wall, needs attention, the total can climb significantly higher.

The buyers who are happiest after closing aren't necessarily the ones who buy the least expensive home. They're the ones who understand the true cost of ownership before they make an offer.

One of the most common conversations I have with homeowners isn't about buying the house; it's about everything they didn't expect after closing.

These are some of the costs that you would likely incur in Year 1

• Painting

• Landscaping

• Furnishings

• Repairs

• Technology

$50,000–$150,000

First 3 Years

Add:

• Roof

• HVAC

• Masonry

• Drainage

• Driveway

$100,000–$250,000+

Before You Make an Offer, Run the Real Numbers

Most buyers spend a great deal of time evaluating the purchase price, mortgage payment, and interest rate. Far fewer take the time to calculate the true cost of ownership.

Before making an offer on a home, I encourage my clients to create what I call a "real ownership budget"—one that includes property taxes, insurance, utilities, maintenance, landscaping, and anticipated improvements during the first few years of ownership.

It's a simple exercise that can help you avoid costly surprises and make a more confident buying decision.

If you're considering purchasing a home in Newton or the surrounding communities and would like help evaluating the true cost of ownership for a specific property, I'd be happy to walk through the numbers with you. Sometimes the most valuable information isn't what a home costs to buy—it's what it costs to own.