The True Cost Of Homeownership

Home Ownership costs can be broken down into two main categories: Acquisition Costs and Operating Expenses. Below is a rough breakdown of things to consider as you set your budget.

Acquisition Costs | The fees you pay to get the house

• Down Payment

• Closing Costs (we break down closing costs in more detail here)

  • Bank Fees

  • Vendor Fees

  • Government Fees

  • Title Fees

  • Other Fees

• Buyer Inspection Fees

• Moving expenses

• Any repairs required before occupancy

Ongoing Expenses | The fees you pay to maintain homeownership

• Mortgage payment

• Taxes (if not escrowed)

• Insurance (if not escrowed)

• Mortgage Insurance (if applicable)

• HOA fees if applicable

• Utilities

  • Gas

  • Electric

  • Internet

  • Water/Sewer

  • Trash

• Maintenance

• Saving for future improvements

Of course, these are generalities. If you want to talk through the specifics of your situation, contact us! We’re here to help.