Home Ownership Expenses Guideline.
Owning your own home like many things in life, it comes with responsibility and obligations. It is wise to get ahead of yourself and protect one of the most valuable asset you own, your home. This home ownership expenses guideline will give you an understanding of what you can expect to pay in fees after you purchase your home, this can come in handy especially for first time homeowners and international buyer looking to buy or invest.
This expense is the one and most common every homeowners knows about has to pay every year. The tax runs from January through December, the tax has to be paid before april 1, with a discount from 1-4% if paid before that date. This tax can vary depending on the municipalities and neighborhood the home is located.
When taking a mortgage, the lender will require you to take homeowners insurance, it will change according to the policy that is chosen. The amount that you will pay will depend on the value of the home, age and how well it is built and maintain. For Condos, there is an insurance that is included in the homeowner association fee, but you need to take an additional insurance to cover the inside of your condo to cover any issues that might come up. For a cash buyer it is important to take this insurance to protect their home.
Homeowners Association Fees.
This expense will only apply to properties that are part of a community, also known as Home Owners Association. Each resident has to pay a fee to cover all the maintenance and repairs. This expense depends on the size and what amenities are included in the community. The most common fees it covers are pool maintenance, lawn, exterior maintenance, insurance.
Property Maintenance & Repairs.
Owning your home is different when you rent, you have to take care for it. This means doing repairs and upgrades when is needed. Have a budget in hand to be ready when any issues come up.
This is something to think about, it can come in handy and save you money and aggravation in the future. You can purchase home warranty, you pay a monthly fee and depending on what policy you purchase it covers anything from appliances repair, plumbing and air conditioning repair.
As a rule of thumb it is wise to keep your home updated as time goes by. This way when it comes the time to sell, your home can compete with newer homes for sale in the market. Do some research and find out what is trending and make sure to update what will give you back the best return on investment.
Lawn and Pool Service.
This expense will vary depending on the size of the lot and if there is a pool. With a bigger home, the expense ratio will be greater. Make sure you know what fees you can expect when purchasing any type of home.
Water, Electricity, Internet
This is an expense that every homeowner has to pay. It will vary depending on the usage.
With this home Ownership expenses guide, you can have a clear understanding on what to expect and how to protect and enjoy your home for many years.
Pinecrest attracts so many local and international buyers that are looking for the best schools, family activities, beautiful and safe surroundings.
Written by Nicolas Boucher.
The Pinecrest agent with over 15 years of local real estate experience, specializing in Pinecrest Real Estate. My main objective is providing valuable information to benefit you for the best outcome when selling or buying your home. For a free comparative market report of your home, you can contact me directly at 305-788-8035.