Buying a home is a thrilling decision that can make major changes throughout the rest of your life. Unfortunately, there are tons of other little charges that come with this large purchase that will surprise the average buyer.
These are a few of the hidden costs of homeownership that many don’t consider until they have to pay for them!
HOA and Condo Fees
Absent from the average house payment calculator, HOA and condo fees can cost hundreds to thousands of dollars every year. These fees cover the street cleaning, any shared spaces, and parks that might be in your neighborhood. Unfortunately, although they’re there to increase property value, many don’t like that they also seem to be overwhelmingly critical of any changes or personality you may want to add to your property. This can add to the frustration of having to pay for their services.
When you rent, you get to enjoy the fact that any necessary maintenance is something that your landlord has to pay to fix, and you simply only have to pay rent and renter’s insurance.
Unfortunately, when you own a home: all maintenance is on your shoulders. This means you’re responsible for paying for a hot water heater if it ever dies, replacing rotted wood columns, or taking care of any flooding damage. These are all extremely expensive and can make many people regret buying their homes.
Maintenance is also little things that add up, like maintaining your HVAC system, replacing filters, updating your windows, fixing electrical issues, and so much more. This might seem exhausting, but the goal of being able to make a profit at the end of all of this is enough for many to put up with it.
Replacing Siding and Roofing
Siding and roofing don’t last forever! Your siding will only last between twenty to thirty years on average, and your roof can only last around thirty to fifty years, depending on the material. Unfortunately, owning a home can quickly lead to having to make these expensive replacements that you have to pay for out of pocket or take out a loan for. This is something renters don’t have to deal with.
The Cost of Lawn Care
Even if you’re the only person doing the lawn care and updating the property: it can get extremely expensive. Even a cheap push lawn mower can cost over a hundred dollars. If you want a riding mower, you could be looking into the thousands.
There are sprinkler systems, the tools like rakes, shovels, and trimming kits, weed whackers, fresh turf, flowers, and other plants you may want to buy, getting dead trees uprooted, having professionals trim back living trees from power lines, repairing cracked sidewalks and driveways and so much more. Your lawn will be an expensive fixture of your new home.
Your Home’s Cost is More Than the Mortgage
Despite the popular assumption that there’s no difference between renting and owning besides the fact that you’re building value into your investment by owning: there are tons of expenses that come with it. Get to know what you should expect, and you’ll be far better prepared than the average buyer!