Any homeowner knows that mortgage payments are just one expense associated with home ownership. Although it is crucial to find the best mortgage loan rates for your budget, you must budget for the other expenses associated with buying and owning a house. Today, we would like to discuss some of the other costs associated with home ownership.
Property taxes include state property taxes, and most likely county or city taxes as well. The higher the value of your house, the higher your property taxes will be. Make yourself aware of property taxes of the area in which you are house shopping.
Chances are, mortgage lenders will require proof of homeowners insurance before you can even obtain a mortgage. Insurance rates depend on different factors such as where you live and the age and size of your house. If you live in a coastal area vulnerable to hurricanes, your insurance premiums will be much larger than in other areas. Also, if you have an older house, your insurance premiums may be larger because it can be costlier to repair an older property.
If your house is older and draftier, your utility prices may be high. Additionally, the larger the house, the higher the utilities, so keep utility payments in mind when searching for houses.
More often than not, the home you are buying comes with appliances, but that is not always the case. If you have to supply your own appliances, you will have to buy your own refrigerator, oven, dishwasher, and washer/dryer. These expenses could cost you thousands of dollars.
Home Repair and Maintenance Expenses
Unless you are very handy and mechanically savvy, you will have to pay to maintain your property and for home repairs. Home maintenance includes the interior and exterior of your home as well as any yard work. Some of the appliances in your house most likely will be subject to repair at some point.
We highly recommend that you inspect a house for termites before buying the house. Even if the house is termite-free, it might be subject to some other kind of infestation of creepy crawlers. Bug infestations can be costly and gross, so keep in mind that you will most likely have to have pest control companies visit your house a few times a year to keep the bugs at bay.
These are just a few of the costs associated with home ownership. If you are ready to purchase a home, call our mortgage brokers to find you the best mortgage rates today!