What does it really cost to own a home?

Jennifer McClelland | RSS | Sun, Oct 18 2009 | 0 Comments

Now that people are finally starting to buy homes again and foreclosures are starting to decrease, there are a few things that new homeowners should know about owning a home that they may not have thought about prior to that final closing date.

When you’re renting, there are only a few things you have to worry about, electricity, gas, water, renters’ insurance, and (of course) rent. However, when you go to buy a home you not only have to worry about the utility bills, but also the mortgage payment, mortgage insurance (if you didn’t put down 20% on the mortgage), homeowner’s insurance, repairs, and lawn maintenance.

Repairs are something that I have really found to be a pain when buying a house. Luckily, Chris and I both have parents that know how to fix things around the house who live fairly close. Yesterday, my dad had to come up and fix the garbage disposal (which was totaled) and one of the toilets in the house. Chris’s dad has to come up and help us fix the back doors (which need to be re-set) before we decide to put the house up for sale. Without someone in our families to help, these repairs would have cost us hundreds of dollars. We know because over the summer something small went out on the air conditioner and the small 15 minute repair cost us $150.

Another problem is appliances. When you are a renter and your fridge goes on the fritz, you call your landlord. When you own your house and your fridge starts sounding like an airplane taking off, you start saving money because that fridge is going to go out and you’re going to have to replace it with money out of your own pocket.

If you want to talk to anyone about lawn maintenance, talk to Chris. The lawn is something he really takes pride in and it gets expensive and is quite time consuming. However, in just two short years Chris was able to take a yard full of weeds to a nice, lush, golf course worthy lawn…even our neighbors who have hired someone to come and take care of their lawn come by and comment on how nice (and green) our yard is.

Of course, there is more to owning a home than appliances and lawn maintenance, but these are a couple of the things that are fresh on my mind and are everyday annoyances.

Related posts:
How much owning a home can ACTUALLY cost you
Rules to follow when buying a new home
Save money on home repairs and improvement

Tags: utility bills, insurance repairs, lush golf course