Millennial Money: Home costs don’t stop at a down payment | Lifestyles

— PAY CLOSE ATTENTION TO THE HOME INSPECTION. “Leaking roofs, mold, electrical and plumbing issues are the mostly commonly noted concerns on an inspection report,” says Day Coker, owner of AC by Day C, an HVAC maintenance and repair company based in High Point, North Carolina. If the inspection turns up issues, negotiate with the seller to either repair them or lower the selling price.

— FIND OUT THE AGE OF MAJOR APPLIANCES. When you can estimate how many years an appliance has left, you can save up for its replacement.

— CREATE A REPAIR FUND. Aim to save around $5,000, says Chelsea Lipford Wolf, co-host of the “Today’s Homeowner” TV show and creator of “Checking In With Chelsea,” a home improvement blog and video series. “That would cover most home systems that you would need to repair to keep your house running.”

2. YOU’LL WANT TO MAKE YOUR HOUSE A HOME

As a renter, you may have put up with lumpy sofas or rickety chairs, thinking eventually you’d have “real” furniture in your own home like the kind you see at a carefully staged open house. But you’re purchasing a structure; the furnishings typically don’t come with it.

We spent around $8,000 on furniture this year.

Another sneaky expense? Smaller accessories like towel racks, shower curtains, shelves, and storage bins that make a space functional.

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