Other expenses when buying a house

Remember to always budget higher than the price of the house.

Other expenses when buying a house

The sticker price for a house is the largest expense, but there are a lot of other miscellaneous expenses that can really add up and may change your opinion about house ownership. Firstly, you will more than likely have to pay initial closing costs which can include things such as title service costs, the house inspection fee, mortgage application fees, and a dozen other small costs that can add up to thousands of dollars.

Simply owning a house or other real estate will require monthly and yearly costs. The most obvious is the property tax which is usually a few thousand dollars a year by itself. Our How much house can I afford? online calculator will give you a estimate on the price of home you can afford and will give you room for these other expenses. If you do not want the pipes to freeze and want to use your house you will have to pay monthly utility bills which can be hundreds of dollars a month, even if you do not use much electricity or water you will still be charged fees on your monthly bills. Additionally, house insurance can be another cost that can add up to several hundred dollars or more each year.

There are also costs above and beyond simply owning a house and will include repairs, home improvements, furnishing, and other miscellaneous costs involved in upkeeping and improving a house. Appliances may break down, floods may occur, and children will destroy your house which can become very expensive and only adds to the costs associated with simply owning a home. Remember to keep these facts in mind and always buy below your means so that you can comfortablely afford these expenses.

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