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What is the True Cost of Home Ownership?

Reblogger
Real Estate Agent with eXp Realty - Urban Nest Real Estate Group GA# 305421

If you are thinking of buying your first home in or around Atlanta, please take a moment to review this blog post. 

In addition to your mortgage payment, homeowners insurance and property taxes, you need to budget for home maintenance.

Original content by Claudette Millette

What is the True Cost House with flying moneyof Home Ownership? 

Most potential homeowners begin their planning with the down payment and monthly mortgage amount in mind.  It's an excellent start but anyone who is planning on buying a home needs to be ready to take on the total costs and look beyond the mortgage payment.

If you want to effectively determine a home's affordability you also need to consider the following:  

  • Real Estate Taxes
  • Insurance
  • Home Owners' Association Fees
  • Landscaping
  • Maintenance costs
  • Electric Bill
  • Gas or oil expense
  • Trash removal charge
  • Water & sewer bill
  • Snow plowing costs
  • Miscellaneous expenses

There is no obligation in most states for the seller to provide the costs of utilities to a potential home buyer (although the State of Hawaii has now made this mandatory in real estate transactions.)  The responsibility falls to you or your buyer agent to request the utility costs and copies of the electric bills from the owner.

Maintenance costs will fall into the categories of ongoing and occasional.

Ongoing items include changing the filters in your heating system and air conditioning units, furnace maintenance, gutter cleaning, and chimney sweeping, recaulking your bathroom and blacktopping the driveway.

Occasional maintenance items are repainting, replacing the roof, recarpeting, replacing appliances, refinishing hardwood floors, repointing masonry work and an assortment of repairs that can crop up from time to time.

As a homeowner you should keep a running tally of all the items that you replace and maintain along with the cost of your heat and other utilities. 

A smart buyer may very well ask for it.

Copyright 2010 "What is the True Cost of Home Ownership?  "

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Kerry Lucasse  ::  eXp Realty ::  Urban Nest Atlanta Real Estate Group

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In & Around Atlanta Real Estate Blog - Copyright 2006 - 2020 by Kerry Lucasse and the Urbanest Real Estate Group with eXp Realty LLC in Atlanta, GA.  All information contained in this blog is deemed to be reliable but not guaranteed.   If you need assistance with Intown Atlanta real estate, Kerry Lucasse and her team are always available to assist you with your residential real estate needs!

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Comments (2)

Barbara Heil-Sonneck
Design2Sell - Atlanta, GA
Home Staging Atlanta

Hi Kerry, great advice for potential buyers, thank you for re-blogging

Sep 08, 2010 04:26 PM
Kathy Smiley
Rodeo Realty ~ Fine Estates Westlake Village - Newbury Park, CA
"Real Estate results that make YOU smile!"

Kerry - thanks for passing on these very good ideas.

Sep 08, 2010 06:56 PM