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Many Things to Think About

While home shoppers typically focus on the sticker price of a house, or the monthly mortgage payments, they often overlook the additional costs of homeownership.  That includes; property taxes, insurance and maintenance projects such as lawn care and HVAC repair. According to a 2018 analysis by Zillow and Thumbtack, homeowners can expect to spend about $9,390 every year on these additional costs.  And that’s just for starters. In pricey markets such as San Jose, Calif., where the typical home was worth $1.3 million, the costs added up to $20,655 a year.  Search homes for sale in Flying Horse, Colorado Springs, CO here: http://www.rehava.com

“Even people who are very wealthy will buy real estate without understanding what it’s going to cost them,” said Mari Adam, a certified financial planner with Mercer Advisors in Boca Raton, Fla. “It’s very emotional—you see a house that’s gorgeous, and the logical part of your brain, the part that goes through the numbers, doesn’t kick in until it’s too late.”

How About an Oceanfront Vacation Home?

Thinking of purchasing an oceanfront vacation home? Don’t forget to factor in the cost to maintain the pool, landscaping and tennis court. “You might think you’re buying a summer home so it costs you only in the summer, but it costs you year-round.”

“ ‘Even people who are very wealthy will buy real estate without understanding what it’s going to cost them.’ ”

 

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