The Overlooked Costs of Home Ownership

  |     |   Rent vs. Buy
This year at The Reserve at Williams Glen, we have been working hard to invest back into our community.  From updated amenities, to concrete and asphalt repairs, we have incurred a variety of expenses to help keep our community well maintained and attractive for our residents.  All of this spending has gotten us thinking about the “American Dream” of home ownership.  While it is an accomplishment that should be celebrated, it might not be right for everyone, or might not be the right time for you.  When considering the decision of “rent or buy”, think about these often forgotten costs.  
 
1. Property Taxes.  Property taxes can be demanding because even if you've paid off the mortgage, you still owe what amounts to a monthly fee to the town and/or the municipality in which you reside. It can easily total $500 to $1,000 or more a month, particularly in the northeast United States, where property values have soared in recent years. In short, when a house is built, it's not the bank that determines the property tax, it's the township in which the home is located. This is something to consider, as property tax is basically a guaranteed annuity in perpetuity at the homeowner's expense.  Source: Investopedia 
 
2. Time. Don't forget the time and the cost associated with maintaining a home, such as mowing the lawn and painting the interior and exterior of the home. In fact, it's not uncommon for homeowners to spend a good portion of the weekend tending to chores around the house. On the other hand, a renter's maintenance tasks are relatively minimal. And when problems do arise, Reserve at Williams Glen residents know they can call our reliable service team to handle their issues promptly.  Source: Investopedia 
 
3. Appliances.  When you buy a house, most major appliances will come with it, except perhaps the washer and dryer. You can spend between $800-$1500 buying these two appliances when you buy your first house. Also, in many cases, the seller will take the refrigerator, which can add another $700-$1200 to the up-front expense.  Source: Kiplinger.
 
"Home buyers too often fixate on the sticker price or monthly mortgage payment on a house, and don't budget for the other expenses associated with ownership — which can add up quickly," Zillow spokeswoman Amy Bohutinsky said in a statement.  If you find yourself considering this decision, contact a Leasing Representative at Reserve at Williams Glen to identify the total cost of renting at our community.  This many help you make a smart financial decision for a strong financial future.  
 

Comments are closed.