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The real cost of homeownership
Homeowners embarking on their first mortgage have already cleared many financial hurdles.
Part of this long-term commitment means paying for closing costs, home inspections and title work. 
Most first-timers are also prepared for property taxes and insurance, but these are typically set aside in escrow and added to the monthly mortgage payment.
But the cost of homeownership doesn't stop there. Unlike renters, homeowners have a vested interest in property maintenance.
It's important to plan for annual check-ups, as well as unexpected repairs, like a broken appliance or leaky roof.
On some tasks - yard care, driveway care, roof care - money can be saved by doing it yourself. 
However, major systems, including plumbing, electric and the heating and cooling system (HVAC), are probably best left to a professional. 
Regular maintenance increases efficiency and extends longevity – saving money in the long run. It’s also a requirement for any home warranty. 
These expenses need not be scary if included in a budget. Set aside 1 to 3 percent of the home’s purchase price each year in a separate savings account. For a $300,000 home, that’s $3,000 to $9,000. It’s usually easier to build this reserve in weekly or monthly installments. 
Remember all the time spent in rentals, writing ever-larger checks to ... more

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