The Hidden Costs of Homeownership
Purchasing a home is a dream that most people have. It is a goal that most would like to accomplish over the course of a lifetime. Purchasing a home is one of the most expensive investments that one can make in their lifetime. Many homeowners (new and old) may be shocked by how much homeownership can bite out of their pockets.
Many may think that a mortgage will be the only expense that they will have when it comes to owning a home. However, there are many “hidden” expenses that go beyond the monthly mortgage bills. At Raleigh Cary Realty, we have some tips in order to make everyone aware of the hidden costs that come with homeownership.
Hidden costs of homeownership:
- HOA fees: HOA fees are considered a hidden cost of homeownership. If the residence is purchased within a neighborhood that has a homeowners association, it can be expected that there will be HOA fees. HOA fees are typically required to be paid monthly or quarterly. HOA fees typically charge for services that benefit the entire community such as: garbage, snow plowing, etc. HOA fees may rise from time to time. This may be due to the fact that the neighborhood is installing a security system, or the neighborhood wants to pave new roads.
- Utilities: Utilities come with any property that is moved into. Utilities may consist of necessary resources that make the home inhabitable such as: electricity, water, gas, internet, sewage, and more. Utility costs can vary by location. If upsizing from an apartment to a home, it can be expected that utility costs will rise.
- Landscaping and lawn care: Whether it is decided upon to take care of lawn services on your own or hire a lawn care professional, it can be expected that there will be a cost when it comes to taking care of landscaping. Lawn Care isn’t just a cosmetic procedure that is needed to beautify a home. Lawn care service may prevent limbs from falling on the house, overgrown plants clogging gutters and plumbing, etc.
- Pests: Pests such as termites can cause extreme damage to the home. Termites are attracted to wood and moist areas. Termites can get into the home, even through the smallest cracks. Hiring a professional pest eliminator may help reduce pests and termites from entering the home.
Whether it is the first purchase or the last purchase, homeowner expenses can be expensive. There are many hidden fees that come with homeownership. Hiring a trusted real estate agent from the Raleigh Cary Realty team will be a great decision when buying a new home. Our realty professionals will be sure to make you aware of all of the hidden fees and costs that come with homeownership.
