When you think you’re ready to buy a home, make sure that you can afford not only the down payment—the minimum requirement in most cases now—but also the monthly housing payments. Neglecting to factor in all other related costs that come with home-ownership is one of the easiest (and costliest!) mistakes you can make. To help you keep track of all of the costs of home-ownership, we compiled a list of common housing expenses that you need to keep in mind:
- A 10 To 20% Down Payment
- Closing Costs Equal To About 3 To 5% Of The Purchase Price
- Monthly Mortgage Payment (A Portion Of Your Principal Plus Interest)
- Homeowner's Insurance
- Property Tax
- Private Mortage Insurance Or Fha Insurance (If You Put Down Less Than 20%)
- Homeowners' Association Or Common Area Fees (Depending On Where You Buy)
- Any Repairs Or Maintenance Charges That The Property Requires
We will go over all these in depth, but as you're looking at your budget, you should keep these expenses in mind.
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