Buyer Tip: Budget For Added Expenses

There’s nothing quite like planning your monthly housing costs... only to discover that you forgot to include some sneaky fees. Here are the costs that you need to plan for as a home buyer.

-Property taxes: Paid to your local government, property taxes are usually a percentage of your home’s value and help fund schools, roads and other public services.

-Homeowners insurance: Your home is a major investment, so you’ll want to protect it with homeowners insurance. If you have a mortgage, this will typically be required by your lender.

-Condo fees: Cost of maintaining the common elements in the condo such as hallway, elevators, amenities, etc.

-Utilities: As a homeowner, you’ll have to cover it all: water, gas, electric, hot water tank rental, internet, etc. This can add up fast, so make sure to ask about average utility costs as you’re viewing homes.

-Maintenance: As a new homeowner, you get to pay for all of the fun maintenance and repairs. Plan to spend 1-3% of your home’s value on maintenance each year.

Once you plan these costs into your monthly budget, you’ll be prepared for whatever your home throws at you.


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