The Real Cost of Owning A House
When a person buys a house, they are made very much aware of how much the mortgage payment will be the property taxes, and the insurance. The buyer should do their homework before the purchase and have a close estimate of the monthly utility charges, heating, gas, electricity, sewer and water. The prudent home buyer has calculated these monthly costs and has figured them into the cost of owning the house.
Costs that are typically overlooked are the future repair and maintenance costs – and they can be substantial. Depending upon the age and condition of the house maintenance or replacement projects will have to be done at some point during ownership. Future maintenance and repair projects such as painting inside and out, a new roof, bathroom and kitchen upgrades, heating and carpeting upgrades need to be considered. The expense of these items can be very substantial and should be budgeted for when buying a house. Projects planned for years down the road can not be precisely estimated but with the help of a professional financial planner, when the time comes for a major home improvement project, it does not have to be a severe financial burden to the homeowner.