Hidden Costs of Owning a House

Hidden Costs of Owning a House

Many think that when they’re buying a home, the biggest hurdle is paying the down payment.  Unfortunately, every moment of owning a home is expensive.  More than just handling the increase in utility cost, homeowners have to face dozens of expenses that they often don’t expect.

Maintenance of Appliances

From dishwashers that only fill a couple of inches before stopping to clothes dryers that start letting off a burning smell: appliances seem to know when you can’t handle them breaking down.  The average handyman can cost 45 to 150 an hour depending on their skills, and on top of that, there’s the cost of parts when anything needs to be replaced.

You may think you’re handy, but avoiding having to hire a handyperson only covers part of the price.  If your dishwasher only fills with two inches of water before shutting itself off, it could cost you $150 to replace the water inlet filter.  Many try to clean out the filter themselves, which can often lead to flooding and ruining cabinets, flooring, and walls.

Unlike in apartments, any issues are your own, and you’ll have to work to pay them off or correct them yourself.

Lawn Upkeep

Your lawn is the frame that tells people what to expect of your home.  If you’ve never had a lawn before, the upkeep can be startling.  From mowing once a week in summer to shoveling snow in the winter, you either pay an arm and a leg for someone else to do it or handle it yourself.

Watering systems are more popular than ever, and with them comes the expenses.  Although water bills are usually easy to handle, the cost of watering your lawn every day can add up quickly.  The average water bill of someone who uses their sprinklers daily can sit between $20 to $70 a month, depending on your area.

HOA Fees

A homeowners association can be significant for property values, but at the same time, it can be a strain on your wallet.  If you like in a more rural area, the cost may only be forty a year, but the price can sit in the hundreds every month for many cities.   When wondering ‘Should I rent or buy a house?’ be sure to consider if you’re willing to pay for an HOA that may be more expensive than your rent used to be.

Home Maintenance

As stated before, when you’re in an apartment, most things are handled, and you don’t have to think about the expenses that are being covered behind the scenes.  Unfortunately, as a homeowner, you’re your maintenance team.  If someone accidentally breaks a window, if wind and rain ruin the shingles, if a tub leaks and it ruins the ceiling of the room beneath it: it’s your duty to have it fixed.

Of course, you can hire someone to take on these duties.  Unfortunately, the cost of that is intense.  Hiring a plumber, getting a ceiling replaced, fixing the paint takes time and money to do, and it’s why every homeowner should have savings.

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