The Hidden Costs of Owning a Home
There’s a lot of hidden costs to owning a home. When you’re buying, there are real estate agent fees, mortgage broker fees, title insurance premiums, and more. After the purchase is complete, there are maintenance costs like lawn care, plumbing, and remodeling, among others. Of course, these aren’t all-inclusive. So, in this blog post, we will get into the details of each cost to help you plan for what expenses you can expect when making your next move!
Property taxes: As a homeowner, you will have to pay taxes, and it’s not up for debate. However, the amount you have to pay as tax is subjective to the location of your property and is determined by the town or the state the property is located in.
HOA Fees: Your house comes with some amenities – like pools and tennis courts – but they don’t come free of charge. You’ll have to pay HOA fees which cover all those costs, so members do not need to pay out-of-pocket every time they want to use them. HOAs usually range from $100-$400 per month, depending on how many amenities your community has access to and the size of your home.
Homeowner insurance: Your homeowner’s insurance is crucial because it protects your property and you. Depending on the state and house, homeowners’ premiums can be expensive, so plan accordingly.
Roof maintenance: Your roof is the only thing standing between your home and the natural. When it gets old, you are exposed to leaks which could cause damage inside of your house. Your local hardware store should be able to recommend a contractor that can help inspect or repair any issues with your roof before they turn into costly repairs later down the road!
Snow removal: Snow removal might not seem like a big deal, but it’s pretty expensive to do so after a snowstorm or two. You might have to bite the bullet and find someone who can shovel your driveway once every few weeks during the winter months!
Carpet replacement: Carpet is one of those things that you don’t want to replace often. However, more than likely, it will need to be replaced at some point down the road, depending on how much foot traffic it receives throughout the years. It starts as plush new carpeting, which becomes matted over time from dust trapped inside fibers and footsteps constantly wearing away at pile depth until eventually you’re left with what looks like basement flooring!
Plumbing maintenance: Most homeowners realize they should change their water heater every so often to help save money on monthly energy bills, but what they don’t realize is that water heaters are just one of many appliances in your house that need routine maintenance. The same goes for the dishwasher and washing machine!
Remodeling: As time passes, you may want to update parts of your home, like changing carpeting or remodeling a kitchen. This can be costly if not planned properly with financing through banks or credit unions before beginning construction projects on property!
Maintaining the HVAC system: All appliances need a way to get powered, which usually comes from the breaker box. The breaker box is also responsible for sending power throughout your home, so you should have them inspected every couple of years, depending on age or usage history!
Landscaping: Maintaining a yard is not easy work. There are plenty of different tasks you need to complete throughout the year, and it can be extremely overwhelming if done by yourself! Besides just mowing grass, homeowners may also have to do weed pulling, leaf raking, and snow shoveling, too, depending on which region they live in during the winter months.
House painting: Your house gets exposed to direct sunlight every day, so it’s crucial that its paint stays fresh! Over time your home will begin peeling or flaking due to moisture damage from rain entering through cracks around doors, windows, and roof joints. However, this process doesn’t happen overnight. It usually takes years for paint coatings to fade away entirely before needing a rep again, so don’t wait until it’s too late to hire a professional!
Clearing out after yard work: Because you are responsible for maintaining your yard, dirt and grime continuously get tracked into the house on shoes – especially during spring months. You should consider giving hardwood or tile floors periodic deep cleanings throughout the year because it will help remove marks from muddy footprints and give them an extra sparkle when you have someone over. This can also be done with carpeting if needed but make sure it’s safe to use cleaning chemicals in rooms before beginning the process.
The house is an investment that requires constant upkeep to make it more valuable over time. Ironing out all the details before buying a home can help future homeowners save money in maintenance costs down the road! The hidden costs of owning a home are more than just the mortgage. It can be easy to overlook other expenses that come with maintaining your property, but they’re there nonetheless. We recommend you start by thinking about your budget for these things and then try not to spend any more than needed on them, or else it will cost you even more in the long run. If this sounds like something you need help with, reach out to a certified professional.