February 28, 2011 Leave a comment
Many home buyers are often mistaken in calculating the costs of their homeownership. They figure that affording the mortgage, insurance, and real estate taxes means affording a home. Unfortunately, there are still many costs to be thrown into the equation.
For instance, the expenses that a home owner will be responsible for usually consist of the mortgage payments, real estate taxes, homeowner’s insurance, homeowner’s assessments, utilities (electricity, gas, satellite, etc.), garbage collection, water and sewage, repairs and maintenance of both the interior and exterior, landscaping and grounds maintenance, and perhaps even snow removal (depending on the climate).
Some of these payments are fixed and can be predicted monthly (for example, the mortgage payment), yet some like utilities and water will vary from month to month or season to season, and can not so easily be predicted. Property taxes are another matter to be dealt with; and, although may vary from state to state, a homeowner can generally anticipate their taxes to be anywhere from one to three percent of the homes market value.
Therefore, when determining whether a home can be afforded or not, all of these expenses must be taken into account, and it is never a bad idea to put away a few thousand dollars just for those surprise repairs that could not have been anticipated.
Your real estate agent at BCK Real Estate can help you estimate the costs of home ownership to ensure that you are placed in a home that you can afford and enjoy for many years to come.
BCK Real Estate now has Vermont Realtors in six real estate offices in Vermont and if you are looking to buy or sell a home in Barre, Montpelier, Northfield, Waterbury, Rochester and Stowe, Vermont. We are your source for Vermont Real Estate. Email us at info@BCKrealestate.com. This blog is provided for informational purposes and not intended to take the place of a licensed real estate professional.
You can also contact our individual offices:
BCK Barre VT 86 North Main Street Barre, VT 05641 (802)479-3366
BCK Montpelier 15 State Street Montpelier, VT 05602 (802)229-4242
BCK Northfield 17 East Street Northfield, VT 05663 (802)485-7400
BCK Waterbury 21 North Main Street Waterbury, VT 05676 (802)241-2000
BCK Rochester 42 North Main Street Rochester, VT 05767 (802)767-9900
Stowe Realty/ BCK Real Estate - 254 Mountain Road, Stowe, VT 05672 (802) 253-8484