Hidden Costs Associated with Buying & Owning a home

FAQ: What are the hidden costs of buying & owning a home?⁣
Great question! While these are estimates, they will give you a good idea of what to expect:⁣
• One-time closing costs: 2-5% of the home’s purchase price.⁣
• Annual home maintenance costs: 1% of your home’s value.⁣
• Monthly utilities: 10% of your gross monthly income.⁣
• Annual property taxes: 0.5-2% of your home’s value.*⁣
• Annual homeowners insurance: 2% of your home’s value.*⁣
*Property taxes and homeowners premiums will typically be added to your monthly mortgage payment. Keep this in mind as you play around with mortgage calculators — some account for taxes and insurance; others do not. ⁣
The best way to gauge your total costs of owning a home is to meet with a knowledgeable mortgage lender. If you’d like a referral, contact us today at 515-446-8856

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