There are certain costs of home ownership with which many renters are not familiar. These include:
· Mortgage payments of principal and interest – paid monthly
· Real estate taxes – paid annually or in two installments
· Home owner’s insurance – sometimes included in the monthly mortgage payment, but usually paid separately from the mortgage in an annual or semiannual premium
· Electric service
· Heating/hot water
· Gas service
· Trash and garbage collection service
· Water and sewage service
· Repairs and maintenance of the interior and exterior of the home
· Landscaping and grounds maintenance
How much do these items cost? The answer depends greatly on time of year and climate, as well as usage. Your mortgage and insurance payments will likely remain the same. Just remember one thing, this is your home and the cost of having a home that you can call your own is priceless.
