The Hidden Costs of Home Ownership
You bought your dream home and loving it. Your monthly mortgage is within your budget and everything is smooth sailing. Then suddenly the heater and air conditioning needs repair. The roof leaks and needs replacement. The yard needs maintenance.
As you learn soon enough, owning a home costs more than the monthly mortgage you planned for. Some expenses are predictable, like insurance and maintenance. Some expenses will be unexpected.
- Property taxes
- Unexpected repairs
- Maintenance costs
- Home owners’ association dues
Set up an emergency fund for the unexpected costs, and budget for the predictable, routine expenses. For more information, click here.