Know the Additional Costs Associated With Home Ownership Before Buying a Home
While buying a home is cheaper than renting in many cities, it is still expensive and there are many costs that novice buyers can overlook. Zillow and Thumbtack estimates that maintenance and other costs cost homeowners on average more than $ 9,000 a year.
Research includes homeowner insurance and property taxes as part of these “hidden” costs, but most people are aware of these costs. This amount also includes home maintenance projects: cleaning, pressure washing, yard maintenance, carpet cleaning and gutter cleaning. Know how much these projects in your area are worth so you can plan your budget accordingly (as well as other needs, such as gas heater maintenance and the inevitable repairs and replacements that you will have to do over the years). Experts recommend saving 1% of the cost of your home on maintenance.
It also matters where you live:
You Can Spend Over $ 9,000 Per Year On Hidden and Maintenance Costs | Zillow