When you’re buying a home, there are several upfront and ongoing costs of home ownership outside of your mortgage payment that you’ll want to consider ahead of time, so you can budget accordingly and remain stress-free.
You’ll want to use this time to start a budget if you haven’t already. Consider what you make vs. your expenses and figure out how much you will have to spend monthly.
Now would also be a good time to set up a designated savings account specifically for your home ownership costs.
When you first buy a home, there will be some upfront costs that you’ll want to keep in mind:
Once you’ve moved into your new home, there are several ongoing expenses you’ll need to budget for:
In addition to the upfront costs and ongoing expenses mentioned above, there are several other costs you’ll need to consider when buying a home. Here are some of the top costs you should be aware of:
Now that you know some of the costs associated with home ownership, here are some tips for managing these expenses:
Preparing for the costs of home ownership is key to a smooth and stress-free homebuying experience. By considering all upfront and ongoing expenses, and budgeting accordingly, you’ll be on your way to building a comfortable and secure life in your new home!
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