subject: The Cost Of Owning A Home [print this page] Buying a home often seems like a grand ideaBuying a home often seems like a grand idea. After all, it seems better than throwing money away by renting. Unfortunately, many potential homeowners are so enamored by the idea of owning property that they fail to take into account all of the actual costs associated with the home. Above the mortgage payments, one will have to consider several factors. Among the priciest are property taxes, home insurance Orange County, and repair and maintenance costs.
TAXES
Taxes are the bane of every homeowner's existence. While Orange County may not see the same tax rates as, say, Boston, the cost is nothing to sneeze at. As a homeowner, you will be responsible for making this payment every month. Mortgage companies usually figure this cost directly into your payment, so that at least should not be a surprise. However, one must be aware that the higher the cost of the home, the more taxes will have to be paid. In addition, if you are wise and are buying in an area with rising property values, be aware that your payments may go up each year.
HOME INSURANCE ORANGE COUNTY
Almost every homeowner will have some kind of home insurance, and for a good reasonit is one of the few ways to protect one of the largest investments most will make. Unfortunately, this price can tend to be quite high. Generally paid at the same time as the mortgage, this price can inflate payments quite a bit. Before calculating the monthly cost of a home, be sure to get some kind of insurance quote. This will let you calculate a number that is a bit closer to reality, and let you know whether you can truly afford the payments.
MAINTENANCE AND REPAIRS
Things break. This is a common truth that most learn at a very young age, yet many new homeowners tend to forget that their home is not an exception. From minor cosmetic damage to major appliance failures, homeowners will have to carry the financial burden of getting these items fixed. When you consider that a typical air conditioning failure may cost hundreds of dollars or that the amount of the deductible that must be paid before insurance will kick in is around $500 for a major repair, the price of owning a home can skyrocket above the initial investments.
While most property owners will take care of home insurance Orange county, maintenance, and local taxes, homeowners must take this burden upon themselves. Overall, these costs are usually well worth the price, but one needs to be prepared for them before making a purchase. It is always wise to do a bit of research before making such a large investment, and knowing exactly what you will be paying is a great way to prevent problems down the road.
