If you need assistance, please call 843-779-7350

Home Expenses Include Far More Than Just the Down payment

Thursday, December 17, 2020   /   by Jeremy Feldman

Home Expenses Include Far More Than Just the Down payment

Home Expenses Include Far More Than Just the Down paymentIf you are thinking about purchasing your first home in the near future, then you need to be aware of the costs that you are going to take on. When you are looking at the cost of a home, it is very tempting to focus on the sticker price of the home. Even though the down payment is going to be the largest check you are going to write, this is not the only cost that you are going to pay.

There are numerous other costs for which you need to budget as well. By thinking about all of these costs ahead of time, you can make a smart financial decision for you and your family.

Think About The Real Estate Taxes
Depending on the part of the country in which you live, real estate taxes can be significant. For example, it is not unusual for even a modest home to cost thousands of dollars in real estate taxes per year. Therefore, even though you have budgeted for your monthly mortgage payment, make sure that you have budgeted for real estate taxes as well. Usually, your mortgage lender is going to hold your real estate taxes in escrow for you so you don’t end up having to write a large check at the end of the year.

Homeowners’ Insurance And Utility Costs
In addition, you also need to think about homeowners’ insurance and utility costs. Some of the utilities that you have to pay for include internet, phone, cable, gas, electricity, and water. When this is added to your homeowners’ insurance expenses, this can also add up to several hundred dollars per month. Therefore, make sure that you can afford not only the mortgage payment but these recurring monthly expenses as well.

Budget For Your First Home Accordingly
Some of the other expenses that you might have to incur when it comes to your first home include maintenance and repair bills. Therefore, you should make sure that you sit down with an experienced planner and ensure that you can afford the combined expenses. Otherwise, you might end up being priced out of your first home before you realize it.

The Boulevard Company - Lively Charleston
Jeremy Feldman
1007 Johnnie Dodds Boulevard. Suite #110
Mount Pleasant, SC 29464
843-779-7350
Tim Loss
Loan Officer, NMLS# 187037
765 Long Point Road, Suite 101
Mt Pleasant, SC 29464
Branch NMLS# 1594871

broker rec.jpg
Information deemed reliable but not guaranteed. This data is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. Copyright Ā© 2022 Charleston Trident Association of REALTORSĀ®
This site powered by CINC: www.cincpro.com