Additional Fees to Consider with Home Ownership- Part 2

 

Part 2 – After the Purchase

You often hear that mortgage payments are the same as rental payments. Not exactly.

A close friend of mine learned this lesson the hard way. Yes, she was able to experience a mortgage payment that was about $20 higher than her rent, but she was not prepared for the extra monthly fees that came with home ownership.

Once you own a house, there are additional monthly costs that you should think about.

• Utilities

  • Includes water, gas, and electric. The monthly costs for these items will vary depending on such things such as the size of your home, and usage

• Homeowner’s Insurance

• Property Taxes

• Maintenance

  • 1% of the homes purchase price should be budgeted yearly for maintenance on the home and any repairs that may be needed. Divide your maintenance amount by 12 and put aside that amount on a monthly basis.

Do not be afraid to ask your family and friends about their experiences with home ownerships. Did they find out some things that they wished they had known before they entered the transaction? Ask them to share it with you. Do research on the internet, or go to workshops. Knowledge is power. Be prepared so that home ownership is as exciting and empowering as it should be.

 

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Nicole Lowe

Nicole Lowe

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
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