Top Expenses of Owning Your Own Home
Owning your own home is part of the American dream that all of us have. Having a place to call your own and make into something special speaks to all of us. Unfortunately, owning your own home can be an expensive process for most. Today we will discuss the top expenses of owning your own home you should be aware of down the road.
Top Expenses: Property Taxes & HOA Fees
Most modern homes are part of an HOA, Home Owners Association, which oversees the neighbor and ensures that the whole place looks top-notch. Most HOAs charge a monthly, quarterly, or yearly fee to own a house in their neighborhoods. This fee can vary significantly from HOA to HOA but usually isn’t a considerable fee. The HOA will take care of the grass and park areas around the neighborhood and maintain the roads and sidewalks. Sometimes they even have someone shovel the sidewalks and other public spaces during the winter! Overall it is a good thing to live in an HOA as there are quite a few benefits associated with the cost of it.
Property Taxes, on the other hand, are something every homeowner will pay. Property taxes are usually combined with your mortgage, so it isn’t an extra bill you are paying. Your property taxes will largely depend on what state you live in, what city you are in, and what county you are located in.
Top Expenses: Homeowner’s Insurance
Homeowner’s insurance is a blessing and a curse rolled into one package. Coverage to protect your home from unnecessary damages or emergencies is crucial, but it can also be expensive and tedious. One of the most significant deciding factors in the cost of homeowner’s insurance is the location of the house. Being close to a flood plain will increase the price because of the proximity of the danger of flooding. When choosing your homeowner’s insurance, you must keep these factors in mind and be aware of what previous people have done in the area. Researching a lot of different policies is a good plan to make sure you get the method that works best for you.
Top Expenses: Home Damage
Accidents happen, and when you get into your new house, expect the unexpected. There will indeed be things in the place that you either didn’t notice during inspection or are unique issues that need to be addressed. Problems are typical for a new homeowner, and everyone will go through this. It is an excellent practice to have money aside to take care of these issues when they arise.
If you are new to the area or looking to upgrade your home, please contact me and allow me to help you with your search.