Thursday, December 10, 2015

Costs To Factor In When You Wish To Buy Your Own Home

Buying and owning a home is everyone's dream. We get that special kind of fulfillment when we know that we are assured of a comfortable place to stay until our old age.  Most families work very hard just to fulfill their dreams of buying or building their dream homes.  However, going into the first step is very crucial.  The value of real estate properties now is getting higher and higher that sometimes, we think that owning homes is more to a luxury than a necessity.  Those who had normal jobs earning a little more than what they need is having difficulty saving even for the down payment for a decent house.  Not only that, there are a lot of costs to factor in when you wish to buy your own home.

First is the property taxes that we have to pay annually.  Depending on the appraised value of your homes, the amount you need to save to pay for the taxes should be taken into consideration when preparing your monthly budget.  Not only that, purchasing a lot means you have to bring out some huge amount of cash to pay for the capital gain tax, this of course depends on the agreement between you and the seller not to mention the other incidental expenses such as the transfer taxes and other required fees for the transfer of the certificate of title.

Second, you have to think of whether you would consider getting an insurance which of course in most cases is required if you apply for a home loan.

Third, what about the home maintenance?  It's very costly, I tell you.  Our obligations do not end right after we bought the house.  Keeping the property in tip top shape is a must if you want to keep your home as a valuable asset.  A lot of things should be factored in like paint works, sewage clean up, mold remediation and removal, pests control, water damage restoration as well as fire damage restoration  in some cases.  Good thing that there are companies providing their expertise when it comes to this thing such as water damage restoration Cincinnati Ohio.  However, you should be ready with the budget required for these maintenance costs.

Lastly, health and safety considerations.  You have to invest on some reliable fire fighting equipment. You might consider installing water sprinklers, smoke detectors and the likes if you think that there is really a need, however these are only optional and would always depend on your budget.  Now a days, installing a CCTV system has been a major consideration as well most especially that house breakthrough has been a common item in the daily news.  

All of the above things mentioned required budget, so if you are planning to buy a home, these are some of the costs that you need to factor in.

Owning a home remains to be a top priority for most people and this dream is not impossible to achieve given the right mind set.  You just have to plan, save and prepare very carefully before you go into that great leap of owning your dream homes.


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