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3 Unexpected Home Ownership Costs

View of Wilmington North Carolina from across the river

While buyers tend to mostly focus on listing prices of houses, owning a home includes a list of expenses that aren’t included in that sticker price. While, these expenses can vary considerably by region, it’s good to be aware of these costs, especially for first-time home buyers who might not be familiar with all the unexpected costs of home ownership.

Property Taxes

When you buy a house, your new taxes are based on the sales price. But how do you determine that cost? You can start by searching online for your state’s property tax estimator or by contacting your local assessor’s office and request information on what your taxes will be based on the value you’re buying your home for.

Homeowners Insurance

Insurance may not be your first thought when you start thinking about buying a house. But it should not be your last! According to Zillow, homeowners insurance typically costs $35 per month for every $100,000 of home value. Of course, that’s just a general estimate. Every house and insurance company are different, and your price will vary. Your specific policy price depends on several factors including the cost to rebuild your home from the ground up, the location of the house (high crime areas, susceptible to floods and hurricanes, or near fire stations), your insurance deductible, and your credit score.

Utilities

Buying a home without considering utility costs is like buying a car without checking the gas mileage. Home ownership means taking on utility charges, and they are probably higher than they were in your apartment. Gauging the energy efficiency of the house you want to buy can make you a more informed and prepared buyer. First, ask your real estate agent what you can expect to pay for utilities monthly and annually. Ask the sellers to provide the last twelve months of electric, gas, water and sewer charges they paid. You can also do some research on your own by contacting the local utility companies and requesting utility bill estimates for the home’s address. Finally, have your home inspector assess the condition of important systems and materials that affect energy usage including air conditioners, furnaces, boilers, insulation, windows and doors.

Feeling financially ready to start your mortgage journey? Contact us today to learn more!

6 Strategies to Get a Better Interest Rate

While market conditions obviously play a major role, there are some qualifying factors within the buyer’s control that can help secure a lower interest rate. Here are six smart strategies to consider!

5 Wise Ways to Winter-Proof Your Home

Whether you love or dread the frosty winter temperatures, we all like to save money while staying comfortable in our home when the temperatures drop. By taking a few simple steps towards winterizing your home, you can achieve both goals!

5 Tips for Choosing A Reliable Home Inspector

Doing a quick search for home inspectors in your area will come up with numerous options, but as with so many professions, some inspectors are better than others. Here are some handy tips that can assist you in your search for a reliable home inspector!

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011

 

 

 

 

 

 

 

 

 

 

Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011