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What are the Major Costs of Owning a Home?

Owning a home is the American dream but there is added responsibility and costs that you’ll incur to live out this dream. Some of the fees are bigger than the rest and of bigger concern. Your real estate taxes and homeowners insurance costs are two of the biggest costs you’ll incur when you take the plunge to buy a home. What are some of the other major expenses that you should expect to pay with this purchase?

Key Takeaways:

  • If you’ve been renting for the majority of your time as a resident, then it is time to become well-versed in estate taxes prior to closing.
  • When you’re renting a unit, utilities are often included. When you’re a homeowner, these are always at your expense.
  • Repairs that will be coming out of your own pocket in the future are important to consider since you will be your own landlord.

“Talking with the current owners can help give you an idea of the average cost of a particular home, but we will discuss in general the factors you should consider.”

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