Are You Sure You’re Ready to be a Homeowner? May Be It’s Time To Consider These Home-ownership Costs
Owning a home is considered as an accomplishment and it’s also a part of the American dream. Probably, that’s why most of us rush towards it without considering all the costs and factors involved in living in our own house. The choice, whether to go for a rented house or purchase one, is never easy.
So we are sharing with you some of the most overlooked, regular expenses that come along with homeownership. Understanding these costs and their implications on your savings and expenditures will help you make an informed decision.
Maintenance – majority of the new homeowners don’t give a serious thought to it
Ask any existing homeowner what it takes to maintain a house. New homeowners often start thinking about the new furniture, equipment, and accessories which they can carry in their new homes. However, they fail to include the much anticipated expenses such as repairing and overhauling jobs. Make sure you consider maintenance costs as well.
When it comes to renting, you don’t have to bother about maintenance. Less spending, more savings.
Property tax! Yes, it never stops following homeowners
Whether you manage to get rid of your mortgage or keep struggling with it, as a homeowner, you’ll never be able to ditch property taxes. If you’re in Los Angeles County, you will always be liable to pay a property tax.
Imagine how much you can save, staying on rent, if this kind of amount is put into monthly savings.
Time… is money
Going for your own house will demand your time too. You have to dedicate time for fixing things around the place. Troubles (such as leakages) do find their way in. Then there are activities like lawn mowing! Many Los Angeles County homeowners often have to spend their weekends taking care of household chores.
Once again, people on rent don’t need to care about such issues. Their free time belongs to them.
The idea is not to steer you away from buying a home, but to broaden your perspective and help you take all the vital points in mind. Make an informed decision to ensure that you do not regret your choices. If you’re in the process of owning a home, plan well for these expenses in advance.