Home Ownership

Joy or Money Pit?

The six main cost pillars of home ownership are:

Upfront costs: These include the ongoing mortgage payment, down payment, closing costs, and moving costs.

Ongoing costs: These include property taxes, insurance, and maintenance.

Utilities: Homeowners are responsible for utilities like water, sewer, electricity, internet, and cable.

Homeowner's association (HOA) fees: If the home is part of an HOA, homeowners must pay a monthly or quarterly fee to maintain the community's amenities.

Repairs and maintenance: Homeowners are responsible for routine maintenance and repairs, such as lawn care, pest control, plumbing repairs, roof replacement, and appliance replacement.

Furnishings: Homeowners may need to purchase new furnishings, especially if they are moving into a larger home.