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Wednesday, February 1, 2017

Calculating Your New Home Ownership Costs? Don't Forget These Items

Custom Home...Move-in Ready!
AOL Finance had a great article this week on the true costs of home ownership.  Many homeowners, and especially prospective first-time home buyers, focus on the simple cost of the mortgage payment to their lender, which does include principle and interest payment, and usually some extra to escrow for house insurance and property taxes. 

But there are other costs associated with buying and owning a home, and homeowners and buyers should take those into consideration in calculating your future home owning budget. Such costs include:
  • Closing costs when purchasing (2 to 5% of the purchase price)
  • Home furnishings and fixtures (those gorgeous stainless appliances your kitchen deserves)
  • HOA fees (may cover some front landscaping, community pool, etc)
  • Maintenance and repairs  (yes, things will break...)
  • Outdoor maintenance and the yard (at least we don't have to budget for a lawn mower)
  • Utility bills (AC and water use tend to spike in the summers here in Tucson)
  • Homeowners insurance (duh...    and your lender will require this)
  • Property taxes (you do want good schools and no potholes, don't you?)
Click From closing costs to association dues: The true price tag of a new home to read the full article from AOL Finance

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