Intro to Housing
The Hidden Costs of Owning a Home
OK, I think I understand the basics of a mortgage now. I’ve got money for a down payment, and I’ve done up a budget of what I can afford to spend each month. I’m ready to go get a mortgage!
Hold on. Let’s make sure that budget of yours is complete. There are all sorts of costs associated with buying and owning a house that you may not have considered.
Which of the following are important expenses that homebuyers often forget to budget for?
Property taxes
Maintenance costs
Utilities
All of the above
Which of the following is NOT typically bundled into your monthly mortgage payment?
Your utilities
The principal and interest on your loan
Your property taxes
Your homeowners’ insurance