Time and time again we see people blindsided by the true cost of buying their first home. Many people fall into a comfort zone of denial that has them believing that all they will be paying is the monthly principal and interest on the new home. Then they are quite shocked when they realize that the total cost of owning their own home is a lot more than they thought.  Sometimes these costs are so extreme that some buyers have been forced to back out of a deal because they were not realistic about what the final monthly tally might be for their home ownership..

You can’t buy a home without insurence, so we advise you to get home owner’s insurance in place well in advance. This is also sometimes called hazard insurance. It provides you basic liability against people injuring themselves on your property as well as protection against robbery, fire, wind water, etc.  Usually you have to pay a bit extra for flood insurance..

You also might have to fork out for mortgage insurance if the deposit you put down on the place is less than twenty percent (20%) of the total cost. This too can add a couple of hundred dollars more onto what you must pay each month..

You also factor in the cost of property taxes. If you are not sure how much this is in your area then call your county office and ask for the property assessor’s office, or ask your gay realtor. He or she should be able to tell you what your home is worth and the amount of taxes you can expect to pay. Be very sure to assess this properly because taxes can add hundreds of dollars to what might be a sky-high mortgage in the first place..

Another “sneaky cost” that you might have to be aware of is owner’s association fees or condo association fees. This is true if you move into a condominium or subdivision that has common areas that need upkeep. You may have to pay fees to upkeep the lobby, the front gardens, picnic areas, green space, pools and other items..

Many people who go from owning to renting also do not realize that they have to pay for their own utilities ~ water, sewer, gas and electric. Sometimes these utilities can add hundreds and even thousands of dollars to your monthly costs of maintaining the home.  This is especially true if your home has electrical heat. Oh, and don’t forget trash..

If you have bought an older house you also have to factor in money for maintenance and repairs that so often come up when someone decides that they want to buy an older home. These monthly repairs, often necessary, can add up especially if you are continually buying things like faucet rings, light switches or sprinkler heads, etc..

To be safe gay realtor advises you to do your homework before you put an offer into a home and research just how much taxes, insurance, property taxes, maintenance, utilities, mortgage insurance and owner’s association fees might cost you in the end!.