What Is the Total Cost of Home Ownership?
Many first-time homebuyers aren’t exactly sure what they can afford when it comes to purchasing a house. Understanding the mortgage can be simple enough, but what is the total cost of home ownership? At Coakley Realty, we’ve helped thousands of DC area residents become homeowners, and we fully understand the responsibility ahead of you.
Interested in buying a home in Maryland, DC, or Northern Virginia? Contact Coakley Realty today by calling 301-340-8700!
The Total Cost of Home Ownership
When it comes to owning a home, you have to calculate more than just the mortgage payment. Although the mortgage will constitute a large amount of what you’re paying each month, there are going to be other bills to take into account:
- Insurance – depending on the type of loan you get for your home (and the amount of money you put down as a down payment) you may be required to not only pay homeowner’s insurance, but also mortgage insurance.
- Property taxes – this is another expense that is rolled into the total cost of homeownership. Your property taxes will be assessed based on the value of your home, so the more expensive your home, the more you’ll have to pay in taxes.
- Utilities – many first-time homebuyers have experience budgeting for utilities; however, the price of heating and cooling a two-bedroom apartment is vastly different than heating and cooling an entire home.
- Appliances – most homes will come with the major kitchen appliances, but in some cases, you’ll be required to buy the washer and dryer or other necessary appliances. Make sure you know what you’re going to need before you buy.
- Maintenance – once you’re a homeowner, all the costs of maintaining your property fall on you. That means every repair, appliance replacement, etc. is all entirely your responsibility.
All of this doesn’t mean that buying a home is outside of your reach! It’s just important to factor these costs in when you’re determining what you can and can’t afford—just because you’re approved for a mortgage, doesn’t mean you should purchase a house at the top of your budget. One of our experienced real estate agents at Coakley Realty can help you determine what will fit in your budget, including the additional expenses.
Find Your Dream Home Today
If you’re in the MD, VA, or DC area and you’re ready to buy a home, call the experts at Coakley Realty. We can help you understand the total cost of home ownership and find a place that is perfect for your needs and budget. Contact us today!