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Home Buying Tools
Full Cost of Home Ownership
Before contracting to buy real estate or property, it's important to investigate the full
cost of ownership of the potential property. Always estimate full
costs so there are no surprises down the road that can jeopardize personal
solvency.
The following is a list of potential expenses that may be incurred for a
property (add to Mortgage including interest, Property Taxes, Insurance, and
Condo Fee if applicable):
Water
Sewer
Heat
Hot Water
Air Conditioning
Utility Costs Above Heat and Air Conditioning Costs
- natural gas
- electricity
- propane
Flood Insurance
Personal Property Replacement Cost Insurance
Housing Association Fee
Condo Association Fee
Lake Access Fee
Condo Health Club Fee
Condo Potential Special Assessments
Home Maintenance
Home Repairs
Snow Removal
When planning to buy a home, it's a good idea to complete some worksheets by
yourself to ensure you will be able to afford the home and to speed up the
mortgage process (examples are
listed on the Buyer Tools page under Pre-Mortgage Documents). |
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