What they don’t tell you about Homeownership

On top of saving up money to actually purchase the home, here are some more expenses to take into account that come with homeownership.

1. Property taxes - determined by your local government and can vary from location to location. It’s important to look up the property tax amount and deciding if it’s an amount you can afford every year.

2. Home insurance - if you are using a mortgage to buy a house home insurance will be required by your lender. It’s important to get a quote on the house you are interested in before writing an offer. Recently home insurance has been on the rise in places like Florida and the Midwest due to hurricanes and tornado/hail damage.

3. Unexpected home repairs - it’s okay if you’re not planning to do major renovations right away, but it’s important to keep some money set aside for random home costs like water heaters, AC units, or other home appliances that unexpectedly quit working.

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