This is a continuation of 10 Things We Wish We Knew About Buying a Home. People say all the time that a mortgage is cheaper than rent. This can be true but owning a home (ie. a mortgage), cost more than a single monthly payment. Below you will find a few annual expenses that I was not aware of before we started looking for our home. It’s not an exhaustive list, but these are common expenses among my friends.
Home Owner Insurance — it cost more than Renters Insurance
Homeowners insurance or some type of coverage is going to be required by your lender. Protecting yourself and your personal property should be a priority!
Termite control/ Pest Control
While some areas of the country (GA) need pest control more than others, termites are not anything you should play with. Termites can damage the structure of your home. There is no happy or cheap ending to that story.
Yard Services
Even if you decide you don’t want to pay anyone to maintain your yard, the equipment cost adds up quickly, especially when your hubby is excited about doing it. ::Insert eye roll emoji::
HVAC Maintenance
You need to regularly change your filters but you also need semi-annual unit checks to ensure everything is working properly.
Gutter Cleaning
Another thing you can maintain on your own but I know we don’t have a tall enough ladder to reach all our ours. Taking care of things before they become a problem will save you money in the long run.
Appliances
They are not always included in the selling price. They can really add up. This is especially true if you are doing new construction or coming from an apartment and starting from scratch. We negotiated new appliances into the price with our builder.
Security System
I don’t know about you but all that money we just spent on the house and alllll the money we will spend making it a home, we want it protected. We got this setup day one.
Utilities
Yes, you probably have been paying utilities but they will increase when you have a home. Make sure you account for that in your budget.
Miscellaneous
You own your home! No more calling the landlord when things break. That expense is on you! Build-in savings for emergencies and normal wear and tear!
Don’t let the annual expenses of owning a home scare you away. It’s an amazing experience that I wouldn’t trade for anything. Plan for them and set a budget that leaves room for these things. Maintaining your home properly will save you money in the long run.
XOXO, Laya
Great tips, I never thought about the annual cost of pest control and getting the gutters cleaned! Writing down on my list now – Thank you
Yes so many little things people don’t talk about!! And in the south you def need pest control!!