Hidden Costs of Homeownership
Posted on October 7, 2015
If you have never owned or purchased a home for sale in Pensacola before, our real estate agents wanted to prepare you for some of the “hidden costs” ahead of time. That is right, there’s more than just a mortgage payment associated with this purchase…
For starters, property taxes come into play. Property taxes are based on the current value of your home and assessed yearly. The good news is that this fee can be paid yearly or divided into 12 payments over the course of the year and added to your mortgage payment.
Another thing to factor into the cost of owning a home is maintenance. When you live in a long term rental in Pensacola, most maintenance is performed by your property manager. However, home ownership means those costs fall upon you. Most people in the industry suggest you allocate 1% of your home’s worth for maintenance costs each year.
Mortgage insurance, supplemental insurance, landscaping, HOA fees, the list of hidden fees goes on. It is important to factor these things into your budget as you search for a home or condo for sale in Pensacola Beach.
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