Tuesday, August 5, 2014

Factor In Extra Costs Of Homeownership

All too often new homeowners overlook the extra costs associated with homeownership.  Here are some expenses you should budget for… 

As a homeowner, the responsibility to pay taxes on your property falls squarely on you. While it is common to have these taxes bundled into your monthly mortgage payment, you should talk to your broker to clear up any confusion and prevent huge fines in later years. 

1 .Insurance

Getting the right insurance is expensive, especially if you’ve bought an older home. 

Older houses tend to cost more due to the wear and tear on their electric and water systems, which need to be repaired more often. 

Insurance companies may even adjust their rates depending on your credit score, so you have to keep that in mind as well. Be solvent enough to keep your credit rating at an acceptable level even after buying your home. 

2. Ongoing maintenance

If your house is new, the hidden cost linked to maintenance may lean toward preventative measures rather than repairs. But taking these steps early can save you money down the road. 

Older homes are likely to require a professional estimate for repairs and upkeep, which adds to the cost of the actual maintenance. Taking steps to improve utilitiesin older homes may be a worthwhile investment. 

Mowing the lawn and keeping it green will add to the ongoing costs of maintaining your home. 

3. Property taxes

As a homeowner, the responsibility to pay taxes on your property falls squarely on you. While it is common to have these taxes bundled into your monthly mortgage payment, you should talk to your broker to clear up any confusion and prevent huge fines in later years. 


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