Have you really totted your real Cost of Home Ownership

Have you really totted your real Cost of Home Ownership Up?

When you talk to a hopeful homeowner about how he's going to manage the cost of home ownership, typically, the answer you get has to do about how he is completely prepared for this mortgage payments every month. The problem is, that as difficult as it might be to make those payments, you really dont get a pat on the back for succeeding to be regular. You're only rewarded with a bunch of extra bills. The cost of home ownership can be pretty high when you add all of those incidentals and overheads up. If you're trying to calculate the cost of home ownership for a future purchase, make sure that all of these are on your list.

Well, to begin with, your mortgage isn't the only thing that's an inescapable payment. Your property taxes are, too. You may have never realized this, but when you don't pay your property taxes, the local authorities stop helping you. For instance, if you call the fire department, they dont come when they see that you are a defaulter. In some places, you pay two property taxes to your city and to your county.

Tax rates do vary from state to state and from county to county. Usually though, you are taxed on the value of your home as assessed (which is a small part of your appraised value). How much do you need to be prepared for? Well, technically, it could run into thousands a year or hundreds every month. To really be sure, you need take a close look at your papers to see what land area and home value you are dealing with.

In the matter of your mortgage payment, you may find that to pay for private mortgage insurance or PMI is mandatory. You usually have to do this if your down payment is less than a fifth of what your mortgage value is. The lender figures that if youre someone who can only swing a very small down payment, that you may be in financial trouble and may default. This can cost about $100 a month.

Your homeowners association fees are another inescapable fact. Depending on where you live, you can be called on to pay anything from $300 a month to $1000 a month. If you don't pay those fees, the law gives the homeowners association the right to foreclose on your home. If you're wondering if this ever happens, youd better believe it. It happens all the time. And depending on how many units in the condo complex are occupied, the homeowners association can increase your decrease payment requirements as well.

Moving into a new home can come with new and higher utility bills. If you have a bigger home, you usually have to pay more to heat it, to cool it, to light it and to ventilate it.

You have read the best review article categorized by free tips and the title Have you really totted your real Cost of Home Ownership. You can bookmark or spread this post by using this URL http://howto-howto8.blogspot.com/2011/06/have-you-really-totted-your-real-cost.html. Thank You!