4 Hidden Costs of Homeownership in Fairbanks, Anchorage, Wasilla AK

Once you've made the decision to buy a home in Alaska, your next few steps will likely be entirely financial. From making a budget to going over your finances to meeting with a lender and getting pre-approved, every cost involved with your Alaskan home purchase should be considered to avoid any surprises.

However, many new homeowners in Fairbanks, Anchorage, North Pole, Wasilla, Eagle River, and Palmer often find there are a few hidden costs that they didn't account for going into the process. As your local real estate experts, you can count on Madden Real Estate to fully prepare you for buying a home— including naming common hidden costs below!

Unexpected repairs
As new homeowners in Alaska, it is wise to have a "rainy day fund" set aside in the case of unexpected repairs. Unlike renting, when the furnace breaks down or the roof begins to leak, it is now your responsibility. You are required to pay out of pocket for these expenses and if you haven't planned for them, they can become a major burden. Start now to avoid this homeowner headache later.

Maintenance costs
You bought a home in Alaska— but who is going to shovel your driveway? How about cut your grass in the summer? Unless you have someone in mind to help you with these household duties and they have their own equipment, you will be responsible for purchasing a shovel, snowblower, lawnmower, you name it. These expenses can come as a surprise to new homeowners having just moved out of the renting stage.

Closing costs
Before you even receive the keys to your new home in Fairbanks, Anchorage, North Pole, Wasilla, Eagle River, or Palmer, you will be at the closing table, signing documents and writing a check for one-time closing costs. But did you know that the majority of homebuyers aren't aware of these? Make sure you speak with your lender about what costs you will need to cover at closing so you can budget accordingly.

Routine costs
There are also costs that every homeowner in Alaska must pay, including taxes, utilities, and homeowners insurance. These may not be first on your mind when searching for available homes in the Fairbanks or Anchorage areas, but it doesn't hurt to plan for them prior to walking in your new front door.

Give Madden Real Estate a call today for more information about buying a home in Alaska! We look forward to hearing from you!

Wes Madden, CEO
Madden Real Estate
(907) 452-3000

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