6 Homeownership Costs You May Not See Coming
First published on PropertyAsia.ph
Purchasing a property comes with inevitable costs. You might not have imagined these things prior to buying your new home, but expect these bills to land on your doorstep soon.
When owning a home, here are some of the additional costs you have to deal with:
You worked hard on financing your home, and now you have to work harder to pay the mortgage fees, e.g. mortgage arrangement fees, indemnity costs, and broker fees. It’s a must to pay these fees on a monthly basis or else the bank or lender will order foreclosure of your property.
It’s a must to have a homeowner or hazard insurance that covers basic protection against fire and theft. A building and contents insurance is also important to protect your assets in case of an emergency or a major disaster. So choose only reliable insurance products from the most reputable insurance companies.
You have to pay property taxes depending on the assessed value of your home. Local tax rates vary, but the average cost can add up to a few thousands of pesos.
Paying taxes is compulsory; you can’t do anything about it.
Homeowners’ Association Fees
Owning a home is a shared responsibility.
There are areas you share with other homeowners, which are called common areas such as elevators, balconies, parking spaces, and lawns. The homeowners’ association fees are paid by homeowners for the regular upkeep of these common areas.
Maintenance and Redecorating
When moving to new house, you would need to redecorate it; and in doing so, you will have to spend some extra cash to buy furniture and home décor.
You also have to maintain your home. Keep some extra money in case an appliance conks out and needs repair.
Even though you’re just renting a house, you can never avoid making monthly payments for the consumption of water, electricity, cable TV, broadband Internet, and telephone service, among others. Luckily, you have control of these extra costs; if you want to pay less, use less water and electricity at home.
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