Taxes: While taxes are just an annual cost, getting slapped
with a several thousand dollar tax bill just for owning your home can be a real
shock the first year the tax bill comes due. You might be better suited to
figure your approximate taxes and budget for the cost ahead of time so you are prepared
when it is time to pay.
Insurance: You have just purchased probably the biggest
thing you ever will in your life; you have got to insure it. Insurance is going
to be required to some extent while you are paying down your mortgage; it’s
also something you should continue to invest in once you’ve paid off your
mortgage.
Maintenance: You never know what this could include, but the
maintenance is going to be a big strain on your annual budget and could cause debt issues. Whether that’s the
trash pick-up, lawn care, fixing a gutter, repairing your septic, upgrading
your air conditioning or anything else; you will know these maintenance costs
when they arise.
Cosmetics: Another thing that every homeowner will want to
do is they will want to improve the beauty of their home. You will just have to
tear down that awful dining room wallpaper. And while we’re on the subject the
bathrooms could use re-tiling. Of course you will have to improve the front
garden and of course the whole driveway has got to be repaved. Once you begin
to realize all the things about your dream home which were not as dreamy as you
thought when you bought the home, you will begin to see the cosmetic costs
begin to rise.
Time: Another one of the hidden costs of homeownership;
maybe the biggest, most straining, and least expected of all is time. You spend
so much time and effort making your career successful; when you come home you
just want to relax and not worry about anything. But when you are a home owner
you have to worry about everything.
Of course if you bought your home a few years ago and you’re
having trouble keeping up with all these unexpected costs, you may wish to look
into mortgage
modification. Mortgage modification may not be right for you, but if you
can stay in your home by adjusting payments and working out a deal with your
lender, it might help you budget better for future costly expenses.
