3 expenses incurred by homeowners following a sale
Did you recently finalized the purchase of your first house? If so, that is fantastic! There are innumerable benefits afforded to homeowners, which you're likely already starting to experience.
However, there are also many costs associated with homeownership that you were not tasked with covering while renting residential property. This can amount to a substantial amount of money each year, especially in the Northeast - thanks to extreme seasonal weather - so those looking to buy a home should be cognizant of the additional expenses that they could incur after completing a deal, and prepare to handle them accordingly.
No matter where your house is located, or when it was constructed, you could potential encounter these three costs during your years of homeownership.
1 - Maintenance and upkeep
As you could probably guess, maintaining your property's existing features and repairing its integral components will be the most expensive costs you are faced with. Renters can enjoy the luxury of having their landlord handle any outstanding issues, but as a homeowner, you will be tasked with making sure any problems are addressed appropriately.
This can mean that you will have to pay professionals to regularly inspect your property to make sure it is void of discrepancies. If you choose to avoid having routine inspections completed, you could be faced with having to pay for large amounts to repair internal systems and vital amenities if and when they occasionally break down. These expenses are often unplanned for, so it helps if individuals are aware of their potential ahead of time and have some funds set aside to cover them.
2 - Property taxes
Depending on what state and municipality your property is located within, as well as the size of your home, you will be required to pay a substantial amount in property taxes every year. This expense can sometimes be difficult to plan for, as community tax rates - and the overall value of your house - can fluctuate. It is usually a good idea to set some savings aside for this expense, as failing to do so could pose financial problems and cause owners to fall behind with other obligations, and possibly fall into debt.
3 - Utilities and operating costs
Aside from ensuring that your home is in working order and current on its taxes, you will need to regularly spend money to comfortably live within the residence. Much like renters, homeowners are responsible for covering monthly costs such as heat, water, electricity and insurance - but to a larger degree, as residential properties can be sizable. Further, many individuals choose to outfit their houses with wireless internet capabilities and cable or satellite television.
If you're not careful, these expenses can really pile up and provide for a costly surprise at the end of the month. Therefore, it is important to take actions that could help to save you money, like turning lights off when exiting rooms and keeping the heat low when you leave the house -whether you're running a few quick errands or going on vacation.
In addition to the total monetary obligation of the housing transaction, these regular expenses can also cost you a substantial amount during the time you own your home. Poli Mortgage Group understands that this is a fact of life, and accordingly, offers its clients a wide variety of financial assistance. Its workforce of experienced Loan Officers are adept at finding low rates and ensuring that mortgages feature favorable terms and conditions, so borrowers are capable of routinely making payments on time and in full. As a regional authority for residential lending along the East Coast, the firm has written more than $11 billion in home loans during its 13 years in operation. Interested in researching current rates and learning more? Call 866-353-7654 today.