Consider All of the Costs of Buying a Home

February 02, 2021

Purchase price is important, but it is not the only factor when buying a home. Consider the following “costs” when choosing a place to live.

Cost of Travel

Your home is your starting point for everywhere you go. How much time does it take to get to work? Where is the nearest grocery store? How long does it take you to reach other places you want and need to go? If you drive, add fuel costs and travel time to your considerations. Are public transit options nearby? Can you walk or bike to your destination?

Cost of Insurance

Insurance helps protect your property when something bad happens. Homeowners insurance is a good start: It typically covers certain types of damage to your home, your belongings, liability, and expenses if displaced. Consider additional policies based on where you live. Do you need flood or earthquake insurance?

Cost of Living There

The expenses don’t end after you move in. Some properties may have more costly utilities and upkeep. If your property is part of a homeowners association, factor in its dues. And don’t forget property taxes.

Cost of Repairs and Maintenance

Landscaping and yard maintenance costs can add up. So can repairs and replacement of items like roofs and AC units.