Nothing charms like being at the helm of things at least once in a while; owning a home. It cannot forever be that you are under some authority; a boss at the workplace and a landlord at home. Damn it no! Not when sound financial and investment advisors can convert your rental expenditure to a condo if not a mansion of your own. But wait, is it a one-off thing to have and own a home? I could just sweep all my dollars and grab an architectural design of my own with no much care; tomorrow will take care of itself! I can hear a whisper, “dude! Come slowly’’. Maybe a confirmation of my fears
You bought that house through a loan which you’ve just begun its repayment. Accidents and incidents do not seek permission to occur. Who cares if you are rendered unable to service the loan? Maybe it’s only the insurance. Home insurance will enable you to continue paying up the home loan despite the lost income. The condition is; an initial subscription followed by annual payments of specified amounts subject to changes.
Prepare for Utility Cost
Electricity is the source of power. The power to do almost entirely everything around the human life. The electric sockets on the wall dispense the power through bulbs and tubes illuminate the home. Electronics consume energy at different rates. The winter and summer require heating and cooling regulations respectively. Water and sewerage board are prompt on dues. Now add the summation of these bills to the cost of the house and that is the reality.
Telephone and Internet
It is lovely when you can transact a myriad of activities in the comfort of your vicinity. Book a cab, order and dial a delivery, yes you are right, it could be a burger. Are you are committed or too busy for that conference? Worry less, Skype it or utilize video conferencing. Whatever comes to your mind, the internet is excellent; you can do all things. The landline connection is at most $150 monthly. As you enjoy yourself, brace up for the charges.
Repairs and Maintenance
What is it that withstands wear and tear? Even the massive structures, the works of sterling engineers has room for renovation and a debit account for repairs and maintenance. That only tells you that you will not miss to fix a broken tile, replace a fallen roof, fill in a crack in the wall or do a total overhaul. Set aside some reasonably good budget for it.
Cleaning and Decoration
The cost of keeping a home clean and in good shape is not as narrow as you might be thinking. Some small but costly assets such as vacuum cleaners, vacuum bags, scrubbing sponges, towels for wiping surfaces and spray cleansers can injure your finances. Occasional furnishing of both interior and exterior of the home awaits you. Its all factored into your bucks.
As a first time homeowner, the expectations may be high, but the outcome is quite disappointing. Owning a home is not the end of spending, but instead, an opener to a lifetime expenditure on the property. All the costs accompanying home ownership usually mark up the value of the house. Expect to incur various costs even long after clearing the mortgage.