The “Hidden” costs of being a homeowner
The American dream of being a homeowner is made possible with the recent lower mortgage rates. Being a seller’s market, Houston’s real estate sales numbers have prospered greatly according to HAR. With that in mind, what type of facts do anxious homeowners to be, need to know? There are “hidden” costs most prospective homeowners must take into consideration.
- Property Tax:
Homeowners pay property tax plain and simple. Before purchasing a home, you should just take a second and find out more on the property tax. Property tax varies depending on location.
Homeowners insurance compensates you for losses to your home and your possessions inside it. It also protects you if you’re legally liable for someone’s injuries on your property, as well as from financial losses caused by weather damage, fire, theft and other events outlined in your policy.
- Home maintenance and repairs:
From foundation problems to the unexpected air condition malfunction, it all can be pricey. Whether you like it or not, most homeowners go through some sort of unexpected costs. Here are some great examples: air condition, water heater, roof, rotted wood, sidings, and foundation.
- Homeowner Association Fees:
HOA fees usually cover the costs of shared services such as community landscaping, water, sewer, and garbage costs, and the costs of community country clubs, playgrounds, and pools. So if you plan to live in a subdivision, planned community, or condominium area be prepared for this cost.
- Home Appearance:
This is not a necessary cost but homeowners generally tend to improve the home appearance. From landscaping to furniture and appliance up grades, it could put a serious dent in your wallet.
Knowing the “hidden” costs before applying for a mortgage for your dream home, will help you map out a financial strategy to insure you can actually afford the home. It’s just not the mortgage payment you’re making; it’s all the “little” costs that add up.
The Venture Realty Team