Moultrie Scene January 2022 | Page 81

4 expenses homeowners pay that renters don ’ t

Do you want to become a homeowner ? While there are many benefits to owning property , there are also numerous costs . In addition to the price of the home , here are just some of the expenses you ’ ll need to factor into your budget .

1Property taxes If you own a house or condominium , you ’ re responsible for paying taxes to your local government to fund services such as garbage collection , road maintenance , policing and more .

2Homeowner ’ s insurance Although tenants typically pay for renter ’ s insurance , it ’ s important to be aware that homeowner ’ s insurance is a lot more expensive . This is largely due to the fact that if you own the property , you need to insure the actual structure of the home , not just its contents .

3Mortgage interest This is an expense you ’ ll have to pay for the duration of your mortgage . The amount required will depend on the time over which your mortgage is amortized , the frequency of your payments and the rate and type of interest .

4Maintenance and repairs Gone are the days of simply calling the landlord if an appliance stops working or there ’ s no hot water . From simple electrical repairs to replacing the roof or flood-proofing the basement , all home maintenance tasks are the homeowner ’ s responsibility .

Before you decide to buy a home , it ’ s a good idea to consult a financial adviser to ensure you ’ re making the right choice based on your needs and circumstances .

While there are many benefits to owning property , there are also numerous costs .

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