There are so many people today that will tell you that buying the right home is one of the best investments that you can make. However, what many people also don’t realize is that in addition to paying for a mortgage, and in insurance and all of the other realtor fees and closing costs, when buying a home, there are a number of hidden fees as well. Understanding some of the biggest hidden costs of home ownership is the best way to make sure that you are making a smart financial decision with your home and prepare to handle all of the additional costs that come with owning your own property.
Monthly Lawn Maintenance Fees
If you are used to renting a home, then chances are you have no idea about the costs of lawn maintenance. It can see like a little expense, but unless you are willing to buy all of the equipment needed and put the time into it yourself, taking care of your lawn can be a really big expense. It can cost hundreds of dollars a month just to keep your lawn mowed and looking presentable, not including any additional landscaping you have. When looking to invest in a home, make sure to take a realistic look at the yard and what it will take to maintain that yard.
Appliance Maintenance Fees
When you own a home, it means you own all of the appliances within that home as well. Most standard home appliances like air conditioners, refrigerators, water heaters and furnaces each cost thousands of dollars on their own. Owning these appliances means you are also responsible for the costs associated with maintaining these pieces of equipment and fixing them when they break down, just like you have to endure the costs of maintaining and replacing parts on a vehicle. Of course, if the appliance breaks down beyond repair, you also need to be able to cover the cost of replacing that item. This can cost you thousands of dollars at a time and it is an expense that you need to be ready and willing to pay if an unforeseen issue comes up.
Pest Control Fees
When you own a home, you need to be willing to pay pest control fees. Whether you are preventing pest issues with routine spraying or hiring an exterminator to handle an infestation, pest control is just part of the process of owning a home, in any area. What many people don’t realize is that this necessary part of owning a property is also very costly. It costs a great deal of money to safely treat a home for pests in a way that won’t harm the people, or pets, living there. Make sure that your budget for annual pest control fees and hope you don’t get a serious infestation of something like termites, as this can cost tens of thousands of dollars to repair.
Keep these additional home ownership costs in mind whenever you find yourself budgeting for a new home purchase. These expenses should be added into your overall cost so you are certain that you can afford the home and aren’t making a poor investment.