The Real Estate Scoop | 1.9.2023

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Owning a home can be a fulfilling and exciting experience, but it is important to be aware of all the costs associated with homeownership so that you can make an informed decision about whether it is the right choice for you. Some of the costs to consider when evaluating the true cost of homeownership include:

Down payment: The upfront cost of purchasing a home, typically expressed as a percentage of the home's purchase price.

Closing costs: Fees and expenses associated with closing on a home, such as lender fees, title insurance, and property taxes.

Mortgage payments: Monthly payments to a lender to pay off the balance of the loan used to purchase the home. These payments typically include both principal (the amount borrowed) and interest (the cost of borrowing the money).

Maintenance and repairs: Regular upkeep and repairs to maintain the condition of the home, such as painting, replacing broken appliances, and fixing leaks.

Homeowners insurance:   Insurance that covers the cost of repairing or rebuilding the home in the event of damage or loss. Property taxes: Taxes levied by local governments on the value of the property.

Homeowners association (HOA) fees: Monthly or annual fees paid to a homeowners association for the maintenance and upkeep of common areas in a neighborhood or condominium complex.