The True Cost of Homeownership

Home Ownership costs can be broken down into two main categories: Acquisition Costs and Operating Expenses. Below is a rough breakdown of things to consider as you set your budget.

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Acquisition Costs

The fees you pay to get the house

  • Down Payment

  • Closing Costs (we break down closing costs in more detail here)

    • Bank Fees

    • Vendor Fees

    • Government Fees

    • Title Fees

    • Other Fees

  • Buyer Inspection Fees

  • Moving expenses

  • Any repairs required before occupancy

…

Ongoing Expenses

The fees you pay to maintain homeownership

  • Mortgage payment

  • Taxes (if not escrowed)

  • Insurance (if not escrowed)

  • Mortgage Insurance (if applicable)

  • HOA fees if applicable

  • Utilities

    • Gas

    • Electric

    • Internet

    • Water/Sewer

    • Trash

  • Maintenance

  • Saving for future improvements

…

These are generalities. If you want to talk about the specifics of your situation, contact us! We’re here to help.

HOMEOWNERSHIP, BUYING, ALLThe Voreis Team