Hidden Expenses of Home Ownership

Last month we discussed how much money you should have saved for your down payment. While the down payment is a large part of your financial considerations when it comes to home ownership, it’s important you also remember all of the other financial aspects that will inevitably come up once the home is purchased.

Monthly Payments

Once the down payment is made and your home has been purchased, the big payment is over. However, there are still monthly payments within the home to consider, such as

  • Electricity and gas bill
  • Internet and cable
  • Home insurance
  • Water & other utilities
  • Monthly mortgage payments

Maintenance

Owning a home requires constant upkeep. Aside from daily cleaning and maintenance supplies, there is also the risk that something goes wrong in the home (such as a leak or any unexpected damage). You will also have to consider maintenance projects that will come up less often, but that cost more money, such as roofing, siding and painting.

Home Inspection

A home inspection, especially if you are purchasing an older home, will most likely be a condition on your offer. Typically, an inspection takes a few hours. The inspector will take a thorough look at the home and make recommendations on its condition. The inspector will send a review following the appointment. If the home is up to your expectations, you can clear the condition. If not, it’s time to start looking at other homes. If you’re having trouble finding a home inspector, give me a call and I’d be happy to give you a recommendation.

Home inspections can cost anywhere from approximately $300-$500. However, when working with a Sutton-Huron Shores realty inc. agent, we will pay for your home inspection to be completed.

Legal / Real Estate Fees

Legal fees include the cost of a rea estate lawyer, who will take care of most, if not all of the paperwork included in the purchase of your home. A real estate lawyer will also help ensure that the deal goes smoothly and according to legal guidelines.

Real estate fees can be anywhere from 2-5% of the cost of your home. Real estate fees ensure both the buying and selling agent receive a commission for their work on the sale.

If you have further questions about home owning expenses, or home ownership in general, it’s always a good idea to contact a real estate agent for assistance or advice!

I was born and raised in Saugeen Shores. I’ve been analyzing the market for years and am familiar with every unique aspect the community has to offer. I am passionate about real estate and finding you your dream home. I also have a background in interior design. This means I can not only help you find the perfect home, but if the home isn’t move-in ready when purchased, I can help you envision its potential and work with you to make it your ideal space. If you’re selling a home, my knack for interior design will shine through when staging the home and adding finishing touches prior to listing. If you have questions about the local market, or are looking to buy or sell your home, contact me! I’m happy to help.

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