Home Ownership Costs
You may find the perfect home that has everything you want. It's in the ideal location, has the right number of bedrooms, and even has a music studio in the back. You've run the numbers; your mortgage payment will still be lower than your current rent. You’re qualified for the loan, and your agent has all the paperwork ready to go. That’s all there is to it, right? It’s time to buy it!
We don't want the extra costs to be an unpleasant surprised with the home you purchase, so here's a list of the other costs you might encounter for which you need to prepare.
- PMI or “Private Mortgage Insurance”: The mortgage you qualify for may require you to pay for private mortgage insurance. PMI exists to protect the lender just in case you default on your loan. It can range from $75 to $300 per month.
- Homeowners Insurance: Your insurance cost is based on the estimated cost to fix or rebuild your home in case of a catastrophic event. It also covers everything inside the house, like furnishings, clothing, or electronics.
- Property Tax: Owners pay taxes to the local governments for schools, roads, city governments, etc. Taxes vary from area to area. Be sure to use a quality local property tax calculator to help estimate what those charges will be.
- Association Fees/Dues: Nearly all condominiums and many single-family homes belong to Home Owners Associations (HOAs). HOAs handle neighborhood maintenance, pool upkeep, exterior maintenance, parks, and even security. We can tell you what your HOA dues will be before you buy it.
- Local Services: As an owner, you pay water, power, trash, sewage, recycling, internet, cable, and phone bills.
As your agent, I’ll help you put together an accurate budget for each of the homes you're interested in so that you can make the most informed decision.
To look at any of the homes available in Kennesaw or other homes within your budget, contact me today and I'll set up a showing.