When you purchase a home, the price tag on the house isn't the only number you'll have to face. What catches many homeowners off guard and ends up causing them to be housebroke is the additional hidden fees you don't notice right away.
Owning a house is expensive, even if you purchased a property at a really good price. If you can prepare yourself for the hidden costs and save up for them though, you can better protect your bank account, enjoy your new home, and still have money to enjoy life.
Before you purchase your next home, take a look at some of the hidden costs that you'll come face-to-face with.
Property taxes, although we know that they are there can still catch a homeowner off guard. You pay them yearly, which can be either a blessing or a curse. The average property tax across the country is just under $5,000. Paying that only once a year allows you to save up over time. However, it's easy to forget about and not have enough set aside when it's due.
You won't find the price for yard maintenance on the asking price of your property. Instead, it all comes down to what you want to do with it.
Yard care is a hidden cost that you can dictate, depending on the type of maintenance you want to do. If you hire someone to cut your yard on a weekly basis, you could be looking at over $30.00 a week for this service, and that doesn't include other services like aeration, weed control, and fertilizing. Compare prices in Phoenix, AZ for yourself here.
Even if you plan on doing all of the yard work yourself, you still have to spend money (and your time). You'll need the mower, weed control products, and fertilizer.
Home insurance is a necessary cost that can catch people off guard, especially first-time home buyers. Your home insurance, though, is what will protect you if something happened to your house. The price of your insurance will come down to many factors, including where you live, if the area is prone to disasters, and the size of your house.
Even a brand new house will have some upkeep you should budget for. Something will eventually break, you may want to change the appearance, or even purchasing a new decoration to boost the look of the property, these are all house upkeep examples that you'll pay at one point or another.
You need to clean your house, there's no other way to put it. For the health and safety of everyone inside it, having a regular cleaning routine is essential. No matter how often you do clean your home though, you still have to get cleaning products and supplies to do it. From the vacuum to a mop to bathroom cleaners, all of these purchases add up over time.
The number one hidden cost that you should prepare for is your time. Your new home will take a lot of your time every year. If you bought a house you love though, then typically, this hidden cost isn't that much of an issue. However, it's easy to underestimate how much time your property will actually take away from you.
Prepare yourself for the hidden costs of owning a home. Between money and your time, you'll likely have to deal with each of the points above at some point.