The Cost of Owning a Home
Going along with the theme of "The Buying Experience", Stephanie following article is perfectly timed to add significantly to educating the home buyer. Well Done Stephanie and Thanks for allowing the reposting of your very good Article.
The Cost of Owning a Home
In looking at the cost of owning a home, your lender is going to have a different perspective of that cost than reality. Your lender will provide the cost of principal, interest, taxes and insurance (PITI) which is the payment on the loan, payment of property taxes and the different types insurance. (Property insurance and mortgage insurance) But there are additional costs you will want to consider when determining the
actual cost of home ownership.
Some of the costs you will want to take into consideration are the costs of utilities. You may have been paying some of these in the place you are renting, however, some of the costs may have been taken care of by the landlord. Additionally, if you are purchasing a larger home than what you are currently living in, the costs for utilities will increase.
- Water/sewer
- Trash
- Gas
- Electricity
- Phone
- Cable
Owning a home also brings the cost of maintaining that home. If something breaks or needs repair, you can't call the landlord anymore! You have to fix it! Some of those items are not things you can put off like fixing the broken pipe under the sink or replacing the busted water heater. It is advisable to factor in a dollar amount for maintenance in the monthly budget and put it away for that rainy day when the roof leaks!
There will also be the costs of maintaining the appliances, furnaces, air conditioners, fireplaces, pool maintenance, landscaping....there is always something! I swear we just had our palm trees cut! It seems like just yesterday! Now they need it again. If they weren't so big, my husband could do it himself, but since some of them are over three stories tall, we have to bring in the tree trimmer! It is costs like these you need to factor in when purchasing a home.
There are many benefits to home ownership. It will be your castle, your retreat, the best place to be. But factoring additional costs into the equation when determining what it is you can afford will help you determine the actual cost of owning a home!
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