Chad Roffers provides a list of costs every homeowner needs to budget for.

1. Four
Unexpected
Homeowner
Costs
Chad Roffers

2. When individuals want to buy a home
for the first time, they have an
understandable focus on their budget
and what they can afford in terms of
the price of the home they want to buy.
Yet there is more to home affordability
than just the price tag on the property.
Looking at the following four
unexpected costs of owning a home
can shed some light on areas of
affordability that new home shoppers
might not be aware they need to
consider.

3. Taxes and
Insurance
People who own homes must pay annual property taxes.
These taxes go toward expenses like public schools and
street maintenance. The taxes are generally paid as a
monthly installment to the homeowner’s escrow account.
Insurance is a product that homeowners purchase to
protect themselves against potential losses from fire, theft,
and other risks. This fee is also generally collected as part
of the monthly mortgage payment and either paid directly
to the insurance company or placed into escrow to go
toward annual premiums.

4. Lawn
Maintenance
Whether a homeowner decides to care for their lawn
themselves or hire someone to do it, there are costs
that they might not be anticipating. When a
homeowner decides to have a landscaper handle their
yard, they must pay for the service. If the homeowner
decides to handle the lawn themselves, they must deal
with the expense of buying and maintaining a variety
of lawn equipment. There are also occasional costs for
added work during seasonal events such as
snowstorms, pest treatment, and plant replacement.

5. Utilities
HAVING A LARGE, ROOMY HOME
MAY SOUND APPEALING TO
PROSPECTIVE HOMEOWNERS, BUT
THE UTILITY COSTS TO HEAT,
COOL, AND LIGHT UP A LARGE
SPACE CAN BE SHOCKING.
LIKEWISE, A LARGE YARD CAN
PUSH UTILITY COSTS SKY HIGH AS
IT TAKES MORE WATER TO KEEP IT
IRRIGATED.

6. Ongoing
Repairs and
Maintenance
No home can withstand the tests
of time without ongoing
maintenance. Homeowners
routinely have to replace broken
appliances, deal with plumbing
issues, update windows and doors,
replace roofs, and so much more.
When buying a home, buyers
should consider how much they
can afford to set aside for repairs.

7. Thanks for watching!
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