A small survey of first-time home buyers found that more than half of the families were surprised at how expensive it was to own a home, even though 88 percent believed they had done a good estimate of the costs.
The study for BBVA Compass, a lender based in Alabama, concluded that most lenders don’t warn buyers that there will be costs beyond principal, interest, taxes, and insurance.
Among those costs are utilities. The U.S. Department of Energy reported that the typical family spends $1,900 a year – $158 per month – on things like heat, air conditioning and power.
The National Association of Home Builders calculated that the typical buyer of a new home spends about $8,640 within the first 12 months for furnishings, appliances, and home repairs and fix-ups, while the typical buyer of a resale home spends $6,540. Many real estate owners also have to pay home owners association fees or condo fees. Lawn care expenses will arise through the warmer months and in Virginia, leaf removal is also an expense to consider. Finally all homes will require maintenance.
Good Shepherd Housing and Family ServicesEstablished in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
Mistake 4: Acting too picky.While you should narrow down what you want and you list features most important to you, don’t be so inflexible that you make it impossible to find a home. If you’re too picky, you may have to continue renting when you could own a home. Be willing to compromise on some of the less important…