Lots of people don’t realize that there are many hidden, or rather less well-known, costs of owning a home. Most people think only about monthly mortgage payments on their residences. The truth, however, is that there are many other costs associated with homeownership that will eat up a solid portion of your disposable income. Moreover, those who don’t budget will be financially unprepared for these hidden costs.
Hidden Homeowner Costs
Therefore, before you buy a home, be sure to have some funds saved for the inevitable hidden costs of homeownership. Here are some examples of these hidden costs.
Often when you buy a new home you inherit the leaky pipes and the cracked roof of the previous owners. The most expensive of the hidden costs of homeownership are usually upkeep and repairs. These can include the roof, the HVAC, plumbing, and electrical systems, all of which will need to be continuously maintained.
Property taxes are sometimes overlooked by new home buyers who focus too much on the initial costs of acquiring their desired house. These taxes are the monthly or quarterly fees you must pay to the municipality who, unlike the bank, determines the property tax. It is wise to factor in these monthly costs along with yearly taxes while in the market for a home.
The Lawn and Yard
While lawns can be a source of pride and fond memories, they have to be maintained- which can be expensive. You will need to routinely cut your grass and trim your foliage or hire someone to do so for you. Lawn equipment is not cheap and if you live in regions where you experience snow, you must also consider that. Lawn and yard care can not simply be avoided either, as tree limbs can damage roofs and an excess of leaves can impede proper drainage.
Termites and Mold
Pests are quite literally a hidden cost of homeownership. Before buying a home, be sure to factor in the costs and properly allocate resources to the staving off of pests and mold growth. The damages from termites and mold can be even costlier if they are left to their own devices.
Although to some, home insurance may qualify as a hidden cost, but is necessary. Homeowners’ insurance is no different. If you are purchasing a new home, you need homeowner’s insurance to protect what may be the biggest investment of your life. Daniels Insurance Agency is ready to help you get the coverage you need in a timely manner.
About Daniels Insurance, Inc.
At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.