Your Home Costs More than the Mortgage Payment

Since purchasing my first home a couple of years ago, I’ve learned that the cost of owning a home is much more than a mortgage payment.

In addition to your new mortgage payment, you also have to pay real estate taxes and homeowners insurance - okay these two are probably part of your mortgage payment - but then you have a whole new world of expenses you’ve never encountered before.

As a homeowner, you have to pay utilities, repairs and maintenance, you may need to buy appliances and furniture, and you have to either take care of the yard or pay someone else to do it.  Not to mention the home improvements that you’re dying to make!

Even with the additional expenses, I wouldn’t trade my home for an apartment for anything.  But it’s important for new home buyers to know that owning a home can be far more expensive than renting when you take all the extra costs into account.

If you’re thinking about buying your first home, here are some great articles to help you get ready for home ownership:

The True Cost of Owning a Home
Buying Your First Home and
Don’t Rush into a New Home

=> Are you drowning in debt?  You CAN dig your way out of debt.  All it takes is some motivation, time and the right tools.  Check out our debt management tools here.