The Additional Expenses That Come With Homeownership

As real estate professionals, it is important to explain to first-time homebuyers that homeownership expenses come with more than just a mortgage payment.  Along with paying the principle and interest of a mortgage payment, buyers should consider the impact of property taxes and homeowner’s insurance in their budgets if these expenses are not added into the buyer’s mortgage payment as escrow. Homeownership can bring changes and increases to utility fees and require the payment of HOA fees depending on the age of the neighborhood. Furthermore, unexpected expenses can arise from circumstances such as costly automobile repairs or a water heater that needs to be replaced. Such expenses add up and homebuyers need to aware of the impact they can have on their budgets.

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