Posted On: July 8, 2020 by Success Bank in: Personal Finances
The Monthly Costs of Homeownership Written by Nathan Woolard When you think about the costs of homeownership, the most obvious consideration tends to be monthly mortgage payments. However, there are a number of hidden expenses involved in the process that novice buyers might not see coming. From property taxes to insurance to utilities of all kinds, it’s important to understand the various costs bound to come your way. Here’s a list of potential expenditures to account for in your budget: Insurance. Homeowners insurance is likely a less surprising expense, as banks and mortgage companies typically won’t issue a loan without it. Remember that premiums often rise annually, or if you increase coverage in regard to the rising value of your property or possessions. Property taxes. Your home is taxed on its assessed value, and this can add hundreds of dollars to your monthly payments. Depending on where you live, you might
