Don’t be naive about the costs involved in being a homeowner! Yes, it is great to get rid of your monthly rent payments, but owning a home is not just about that. There are some hidden costs of home ownership you should definitely take into consideration before buying a house. Read on to find them!
1. Property Taxes
Along with a title deed comes great responsibility. Owning a home means paying property taxes, a monthly or quarterly fee to the town and/or the municipality in which you reside. So, remember that the city or country in which your home is located determines the property tax you’ll have to pay.
A tax based on the assessed value of your home (known as an ad valorem tax) and a property tax payment can be $500 or $1,000 or even more a month, especially if you live in the northeast United States, where real estate values have thrived in recent years.
