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The True Cost of Buying A Home

When buying a home there are so many things you must consider, not just whether or not you like the house, but also factors that make it affordable and at some point, attractive to someone else. For the most part, we don't go into buying a home that we intend to live in with the thought of being able to sell. The features that make it attractive to us often are the same that would make it attractive to another, such as location, school district and neighbors. The other factors, the meat and potatoes of buying a home, if you will, is the affordability of the home. Those factors included maintenance and repairs, which can be quite costly.

I love looking at homes. Seeing "what could be" will never get tiring. I love seeing new floor plans, decor of homes, spaces that are different than mine. For many people, it is easy to get caught up in the dream portion of buying a house. Why not, when you see homes usually at their very best when you are touring. Clean, repairs done, blemishes hidden. Buyers look at houses and mortgages through rose colored glasses. Often overlooked is the upkeep, both in time and money, of these very expensive dreams we call home.

Overlooking the cost of basic maintenance is a common and usually rookie mistake. If you have never owned a home, it is hard to realize what the cost of maintaining a home truly is and how it never ends. We all heard our fathers complaining about the heat and cooling bills, so we know to consider those costs. The costs that are overlooked are HVAC maintenance, landscaping, painting, window and roof maintenance and repairs, gutter repairs, driveway patches and maintenance, The average budget per year for home maintenance is 1-4% of the home cost or $3-12,000 on a home with a purchase price of $300,000. This of course depends on the age of the home and the condition the home is in when purchased. Older homes need more TLC than new construction, most of the time.

The good news is that this amount also includes repairs and replacing items such as roofs, water heaters and HVAC. The bad news is that it is money that you will need in reserve if indeed you need that money quickly. So, in addition to your monthly house payment, you will need to be putting an additional $250-1,000 per month into an account. Your total monthly cost of owning a home that you bought at $300,000 with 20% down and 3.8% interest rate for 30 years will be between$1,793 and $2,493. Add time and energy to that and you get a good idea of what it costs to own a home.

Going in knowing that your dream home is going to cost time and money to maintain makes you a better educated and therefore a more savvy buyer. We have seen it all when it comes to home maintenance and repairs. If you would like to have an agent who has experience, contact us today! We are here to help you make your dream a reality.

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Data last updated on 2017-08-22 20:09:40
Ā© 2016 Chattanooga Association of REALTORSĀ®. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. The site does not contain all listings available through the MLS. This site does not display the entire MLS of Chattanooga, Inc. database. The listings of some real estate brokerage firms have been excluded. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS or the Broker.

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