What is the actual cost of home ownership?
Take a look at total costs not just mortgage payments when buying a home.
Most potential buyers begin to plan for their down payment and monthly mortgage payments in mind. This is an excellent start, however buyers should keep in mind the total cost when purchasing a home and not just the mortgage.
Buyers can effectively determine the total cost of purchasing a property by considering the following factors:
- Real Estate Taxes
- Home Owners Insurance
- Home Owners Association fees (if any)
- Landscaping
- Maintenance costs
- Electric Bill
- Gas or Oil Expense
- Trash Removal
- Water and Sewer Bill
- Snow Plowing Costs
- Miscellaneous Expenses (cable, phone, etc.)
The home owner does not have an obligation to provide the buyer with the cost of their utilities. The responsibility falls on the buyer and the agent to request copies of utility bills.
Buyers should take into consideration maintenance costs. Ongoing maintenance costs for home owners include changing the filters in the heating system and cooling system, furnace upkeep, gutter cleaning, chimney sweeping, and blacktopping the the driveway.
Occasional maintenance costs for home owners to consider are repainting, replacing the roof, replacing appliances, refinishing hardwood floors and other potential problems that can occur.
As a home owner you should keep records of all items replaced and maintained along with a copy of the cost of utilities. As a buyer you may ask for these items.
For all your home inspection and appraisal needs contact House Detective.
