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Four Hidden Costs of Home Ownership


Buying and maintaining a home can be more expensive than it first appears. Many homeowners only consider the obvious costs such as the original purchase price and their mortgage payments. The fact is, there are several hidden costs to owning a home. Here are four of the most important of these.

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1. Insurance

There are several types of insurance you may need for your home. In addition to a basic homeowner’s insurance policy, you may need additional policies for protection against certain catastrophes. For example, most home insurance policies don’t cover floods or earthquakes. If you have anything extremely valuable in your home you may need additional insurance to protect it. If you have a home office, you may need special insurance to cover your equipment.

2. Rising Property Taxes

Property taxes can rise at any time. In fact, in some areas, people have been forced to sell their homes because they couldn’t afford to pay their taxes. You should be aware of what property taxes currently are, but you must also be aware that they can always go up. You may want to research what the property taxes are in surrounding cities and counties and how much they’ve risen in recent years.

3. Unexpected Repairs

Your home may need costly repairs at some point. For example, repairing or replacing the roof can be a major expense. It’s good to have a plan in case something like this happens. Looking up Kalamazoo roofing options, for example, can give you an idea of who is qualified to work on your roof. Contractors such as Advantage Roofing contractors can do this type of work at a reasonable cost. Being prepared for unexpected repairs is essential if you own a home.

4. Items and Services You Didn’t Need When Renting

People who go from renting to owning a home are often surprised at how many additional products and services they suddenly need. For example, you may start to have to pay for garbage collection, pest control, water, snow removal, lawn maintenance and other services. On the other hand, if you want to maintain your own property, you may need a lawn mower, leaf blower, and possibly a snow plow. These are just a few examples of items and services that can accompany home ownership.

If you have recently bought a home, or are considering it, make sure you are aware of all the costs that are involved. The specific costs will depend on factors such as the area to which you are moving, whether it’s a private home or a condo and the property tax rates in the area. However, it’s safe to assume that there will be some hidden costs to owning any type of home.

 

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