Hidden Costs of Owning a Home

Though there are many perks to owning a home, hidden costs are normally not taken into consideration. The accurate cost of owning property involves a good amount of hidden expenses that go beyond the monthly mortgage payments.

Property taxes– As a homeowner, you will need to pay property taxes. The bank does not determine these property taxes, but the township, city, or county in which the home is located.

Homeowners’ insurance– Homeowners’ insurance is typically an expected expense. Banks and mortgage companies require it before establishing a loan. The premiums are possibly going to be added to your mortgage payment.

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What services are needed?

Lawncare – For starters, if you decide to hire the lawn out, it is going to cost you somewhere around $100 or so a month for someone to take care of your grass. This isn’t counting the extra $100 a month for weed killer, pesticides, and fertilizer. Along with any add ons that you may want to get whether it be trees, bushes, a garden, or fences.

Additions– decks, patios, sheds, and extra rooms. Any addition or improvement you make, whether it be a shed, deck, remodeled kitchen, or increasing of the master bedroom is going to hold hefty labor and equipment costs. Not only is the project pricy, but your taxes will go up each year.

The Roof– Water leaks are your most significant enemy, and one of the roof’s main jobs is to keep water out. A leaking roof can cause major damage to the inside of your home. Depending on how extreme the leak is, your belonging may end up damaged or destroyed.

Cleaning– Cleaning a house is a big chore. If you decide to hire a cleaning person, this is going to cost you around $100 or more every time they come. Over the year, this will quickly add up to $1,000 or more.

The heating and air-conditioning– something that is very important to consider is making sure you know what type of furnace is in the house before you buy it. Wiring – cable, phone, Internet- The wires on the exterior part of your home are the utility company’s responsibilities. Any of the wiring located on the inside of the house is your responsibility, so keep this in mind and the cable, phone, and internet bills you may receive.

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