Monthly Costs/ Expenses, Of Home Ownership
While many possible homeowners, look forward to achieving and getting, their piece of the American Dream, and owning, a home, of their own, we often observe, individuals, who fail to prepare properly, for future eventualities. In most situations, we need to use a mortgage, to acquire the necessary funds, for purchasing a house, and most, realize, they must, possess a quality credit rating, in addition as the funds, needed for the down – payment, and other closing costs, and necessities. Your mortgage specialized, can, and should, review these, with you, thoroughly, so you can better understand these, and prepare properly! However, not enough of them, proceed, in as prepared, a way, as possible, so they are ready, for the possible obstacles, which may be, thrown in their paths, in the future! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, some of these challenges, and what to know, before you, jump – in! It is for this reason, I have trademarked, my slogan, I’ll always tell you what you need to know, not just what you want to hear. (TM)
1. Utilities: There are many monthly expenses, for utilities expenses. Be prepared for the cost of heating, electric, gas, telephone, and any other regular installment, such as Internet, Cable, etc. calculate these on the upper – side, and always, have, in save, at the minimum, three to six months, reserves, on hand, and obtainable!
2. Reserves for repairs: There will always be a need, to repair, something, around the house. Sometimes, it is, comparatively, minor, but, at others, may possibly, be. Be prepared for expenses, related to plumbing, electrical, roofing, heating, air – conditioning, etc. Create a save, so you are prepared for any contingency, and don’t become overwhelmed, by some challenges.
3. Major systems: The major systems of a house, include: heating; air – conditioning; structural issues; grounds maintenance and repairs; roof; tree issues; etc. Many protect themselves by purchasing a Home Warranty Contract, to ensure against, extreme costs, at a most undesirable time! Others, estimate these costs, and create a large save, where they contribute to, and save, to be prepared for eventualities.
4. Escrow items: Escrow – kind items, include: real estate taxes; a variety of types of insurance, including homeowners, additional liability insurance, etc; grounds maintenance planning (and reserves), etc.
5. Interior and exterior maintenance and repairs: Interior and exterior painting, exterior strength – washing, foundation and concrete areas, gardens and grounds, etc, all, require tender – loving – care (TLC), on a regular basis.
The more prepared a homeowner is, the happier, owning a home, might be. Will you be properly prepared, for the future?