FAQ: What are the hidden costs associated with buying & owning a home?

FAQ: What are the hidden costs of buying & owning a home?⁣

Great question! While these are estimates, they will give you a good idea of what to expect:⁣

• One-time closing costs: 2-5% of the home’s purchase price.⁣
• Annual home maintenance costs: 1% of your home’s value.⁣
• Monthly utilities: 10% of your gross monthly income.⁣
• Annual property taxes: 0.5-2% of your home’s value.*⁣
• Annual homeowners insurance: 2% of your home’s value.*⁣

*Property taxes and homeowners premiums will typically be added to your monthly mortgage payment. Keep this in mind as you play around with mortgage calculators — some account for taxes and insurance; others do not. ⁣

The best way to gauge your total costs of owning a home is to meet with a knowledgeable mortgage lender. If you’d like a referral, send me a DM!

Post a Comment