Wednesday, February 6, 2013

The Costs of Home Ownership

When you're considering buying a home for the first time, there are so many things to think about beyond just a mortgage. It can get tricky to budget for the unexpected, but it can also be a challenge to figure out just what to expect. But here is some guidance with regard to both the anticipated and the unforeseen expenses, including taxes and insurance, utilities, repairs and other fees.

It's helpful to consider all the potential costs when deciding how much house you can afford. And it's always a good idea to pretend that you are already paying a mortgage for a few months, to see if you can afford it. But don't forget to make sure that you can also put into your budget a bit to set aside every month to save toward a rainy day fund, so that if the water heater goes out or your roof starts leaking, you can pay for repairs without having to resort to a credit card.