What are the hidden costs of homeownership?
Homeownership involves more than just the mortgage. Hidden costs can include property taxes, maintenance, insurance, and utilities.
Can you give me an estimate of how much these costs might add up to?
Sure! On average, homeowners can expect to spend about 1-3% of their home's value annually on maintenance, plus property taxes which vary by location.
What about insurance? How much should I budget for that?
Homeowners insurance typically costs between $800 to $1,500 per year, depending on the home's value and location.
Are there any other costs I should be aware of?
Yes, consider costs like HOA fees, landscaping, and potential renovations. It's wise to budget for unexpected expenses as well.
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