I have said this before, you have found
the perfect house and you are ready to make an offer. Sometimes finding the perfect house is the
easy part of the purchasing a home. It
is easy to get caught up in the square footage, flow, and floor plan, without
really looking into the specifics of how much the house is going to cost
you. Sure, you have done all the
calculations as to how much your monthly mortgage payment will be and have even
figured in the PMI. But, what about all
the other costs that are associated with home ownership and when is a house
just too much money than what you can afford?
When purchasing a home you need to look at the big picture.
There are many additional expenses
associated with home ownership and these expenses need to be included when deciding which home will work for you. On top of the mortgage, you will need to
consider how much you will pay in property taxes a year, so don't forget to ask your lender if the property taxes are included in the estimated monthly payment. Something else to consider is whether there
are special taxes assessed to the particular neighborhood the house is located,
called mello-roos. Or if the home you are
thinking about buying is part of a Home Owners’ Association, there may be dues
and fees assessed to the property. What
about the cost of utilities for the property or what happens
when something breaks down and needs repairs? Make sure you get one year home warranty for the unexpected surprises.
The big picture can be a little scary, but with proper planning and
doing your homework, you can find the home that is long term and just right for you
and your wallet.
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