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What's The Real Cost Of Homeownership?

Thursday, March 3, 2022   /   by Sonny Bhinder

What's The Real Cost Of Homeownership?

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When it comes to buying a house, we all know that a mortgage is what takes most of our salary: Although these are the highest costs, renting is far from the only cost of owning a home. There are different types of small things that increase small costs, small costs that end in big ones.

Property Taxes: In the simplest terms, property tax is imposed on property that is owned either on a group or individual basis. This is usually directly related to the price of the property In most cases, property owners pay property tax every year.

Property Insurance: We have health insurance, we have car insurance, and if we have a house, we must have property insurance. Like health and car insurance, real estate insurance insures your home against catastrophic events caused by Mother Nature or bad human behaviour. Property insurance can take different forms to cover different risks. These may include fire insurance, flood insurance, earthquake insurance and storm insurance.
Home Association Fee:  A home association fee for anyone living in a planned community or construction is often an expense that many homeowners have to pay. These HOA fees apply to neighbourhood facilities such as swimming pools, playgrounds, surveillance programs and clubhouses, and are also necessary for those who do not participate in recreation. 

Home Utilities: There is absolutely no way to get rid of utilities. Sure, you can do without gallons of water, without a lot of heat, without electric wires and without cables (rest), but you won't live too comfortably. Appliances are only part of homeownership. From paying through the waste collection to paying for lawn irrigation, energy costs can increase and increase immediately. This is especially true for people who define "comfortable living" as high-speed internet and television with at least 400 channels. 

Home Maintenance: Everything in life needs maintenance, including your home. Even if you take the best care of it - don't stop wiping the cloth every day - your home will need work overtime. Time, use and age are harmful. Finally, you have to paint the exterior, you have to repaint the lawn, you have to install new windows and you have to buy a new oven. There is nothing, not even your house, that time cannot stop. 
Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
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