Home Ownership Expenses You May Not Have Considered
While the investment of home ownership far outweighs the cost of rent, there are a few expenses that you many not have included in your budget. From landscaping to furniture, a new home can incur expenses that you may not have realized to start with. At eXp Realty, we aim to prepare you for home ownership at the start, helping to make this new and exciting transition and smoothly as possible. Here are a few other things that you should figure into your budget when buying a home at the Lake of the Ozarks.
Homeowner's Insurance
In Missouri, the average homeowner's insurance premium is $1,191. An insurance premium is paid either annually or monthly, and it will depend on your insurance provider. If you are getting a mortgage for your home, many lenders will require that you have homeowner's insurance. It's worth it to do your research and call around for the best price and service.
Utility Bills
These may not come to mind immediately, especially if you've been living in an apartment where the utilities are taken care of for you. Electricity, heating, cooling, water, sewer, and trash services. While the totals will vary between providers and regions of the country, you can expect to pay hundreds of dollars per year for this.
The Internet, Cable, & Phone
These may be considered luxury items, but many households still include them in the total cost of owning a home. While landlines are not as common as they were fifteen years ago, amazingly, 48% of people in the US still use them. If you plan on surfing the internet without using your cellular data, or watching the big game on a sports channel, internet and cable are also a few figured that you'll want to add to your current budget.
Repair & Maintenance Costs
It will be inevitable that something will need to be repaired when you live in your home. Because maintenance and the cost of repairmen can be potentially more than you would expect it's always a good idea to set aside some money in your budget for these unexpected costs.
Homeowner's Association Fees
While this may not be applicable to every buying experience, for the new homeowner's that it does apply to, you'll want to budget this in. While the price varies between every HOA, it could be less than $100 or several hundred, depending on the association.
Homeowner's Insurance
In Missouri, the average homeowner's insurance premium is $1,191. An insurance premium is paid either annually or monthly, and it will depend on your insurance provider. If you are getting a mortgage for your home, many lenders will require that you have homeowner's insurance. It's worth it to do your research and call around for the best price and service.
Utility Bills
These may not come to mind immediately, especially if you've been living in an apartment where the utilities are taken care of for you. Electricity, heating, cooling, water, sewer, and trash services. While the totals will vary between providers and regions of the country, you can expect to pay hundreds of dollars per year for this.
The Internet, Cable, & Phone
These may be considered luxury items, but many households still include them in the total cost of owning a home. While landlines are not as common as they were fifteen years ago, amazingly, 48% of people in the US still use them. If you plan on surfing the internet without using your cellular data, or watching the big game on a sports channel, internet and cable are also a few figured that you'll want to add to your current budget.
Repair & Maintenance Costs
It will be inevitable that something will need to be repaired when you live in your home. Because maintenance and the cost of repairmen can be potentially more than you would expect it's always a good idea to set aside some money in your budget for these unexpected costs.
Homeowner's Association Fees
While this may not be applicable to every buying experience, for the new homeowner's that it does apply to, you'll want to budget this in. While the price varies between every HOA, it could be less than $100 or several hundred, depending on the association.
Decorating, Furnishing & Landscaping
You may find that when you move into your new home, the couch isn't the right size, or you really need to invest in a dining room table. Or you may also realize that the red kitchen isn't quite what you wanted, so you decide to repaint it to match your decor. All of these things should be included in your budget, especially since they are costs that come about because of your new home.
You may find that when you move into your new home, the couch isn't the right size, or you really need to invest in a dining room table. Or you may also realize that the red kitchen isn't quite what you wanted, so you decide to repaint it to match your decor. All of these things should be included in your budget, especially since they are costs that come about because of your new home.
Cleaning Supplies
Cleaning supplies may not be a cost only found when owning a home, but sometimes your new home will need new supplies that you never needed before. You may need to invest in a vacuum or accessories for it, along with special floor cleaning supplies or even window washing tools. All of these cleaning rituals can add to the total cost of owning a Lake of the Ozarks home.
Best Real Estate Company at the Lake of the Ozarks
At eXp Realty, we want to help you reach your home ownership goals. From the first time you call us, to the final moments when we hand you the keys to your Lake of the Ozarks home, we will be with you, answering questions and giving guidance. Contact us today to see how we can get you set up in your very own lakefront home at the Lake of the Ozarks!
Cleaning supplies may not be a cost only found when owning a home, but sometimes your new home will need new supplies that you never needed before. You may need to invest in a vacuum or accessories for it, along with special floor cleaning supplies or even window washing tools. All of these cleaning rituals can add to the total cost of owning a Lake of the Ozarks home.
Best Real Estate Company at the Lake of the Ozarks
At eXp Realty, we want to help you reach your home ownership goals. From the first time you call us, to the final moments when we hand you the keys to your Lake of the Ozarks home, we will be with you, answering questions and giving guidance. Contact us today to see how we can get you set up in your very own lakefront home at the Lake of the Ozarks!
2011 REALTOR Salesperson of the Year
Missouri Association of Realtors
752 Bagnell Dam Blvd., Suite A
Lake Ozark, MO 65049
Office | 573.365.1555
Fax | 573.365.1766
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