Real Estate

The Hidden Costs of Homeownership

Nobody has said homeownership was inexpensive! But, unfortunately, even if you plan carefully, there are some expenses that many don’t realize are part of the package.  These are the hidden costs of homeownership that make it a little less affordable for many.

Property Taxes

The average homeowner spends between one and three thousand dollars a year on their property taxes.  Although some have it broken up amongst their monthly mortgage payment, it’s still an added expense that makes owning a home even more unaffordable for some.

 

The property taxes you’ll deal with are based on where your home is, how much it cost you to buy it, and if you have any tax deductions for doing things like putting in solar panels or updating the home to be more eco-friendly.  This can be a big budget breaker for some people.

HOA Fees

Although not every neighborhood has an HOA, those that do can charge between twenty to several hundred dollars a month to ensure that the property stays within the guidelines the community sees fit.  HOAs are something to keep in mind when looking at properties, since beyond their monthly fees, they may also charge you if you decide to paint your home or even change out your mailbox.  It’s a good idea to know what to expect.

Home Maintenance

Maintaining your home isn’t free.  Whether you hire a service to come in and mow your grass, or you put in the money to buy a lawnmower and other items like this: you’ll be out hundreds to thousands of dollars a year.

 

Beyond that, maintaining the interior of your home is also expensive.  If your dishwasher stops working, or you realize that you have a leak in your roof, these costs will fall on your shoulders as a homeowner.  This can cost thousands every year and make it impossible to keep your head above the bills if you don’t have emergency savings.

Aging House Parts

Some parts of a home age quickly and leave you with the expense of replacing them.  The average roof only lasts ten to thirty years, and most siding only lasts around twenty years.  These aren’t expenses that will show up on any seller closing costs calculator, but they’ll cost you money on the value of your home if you try to sell your property before updating them.

Insect and Water Damage

Although this isn’t something many think about after they own a property: this expense can cost thousands a year if you’re not prepared for it. For example, maintaining the property to keep bugs at bay or reduce moisture in areas like your attic and basement can cost homeowners a sizable chunk of money.

 

If termites can make their way into the wood of your home, they can quickly cause thousands of dollars of damage. Unfortunately, the maintenance for this type of issue isn’t something that can be avoided since it can damage the property and cause problems if you ever want to sell it.

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