What Does It Really Cost to Own a Home? Expenses Every Homeowner Should Budget For

When most people think about the cost of homeownership, the first number that comes to mind is the monthly mortgage payment.

While the mortgage is certainly one of the largest housing expenses, it’s only part of the financial picture. Owning a home comes with a variety of ongoing costs that can add up over time, from property taxes and insurance premiums to maintenance, repairs, and utility bills.

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Do You Really Know What Your Home Costs You?

If you’re like most homeowners, you have a number in your head.

It might be your monthly mortgage, a rough estimate of your utility bills, or just a general sense of what it “costs” to live in your home. But here’s the real question: is that number actually accurate?

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Understanding Home Equity: How to Leverage Your Biggest Asset

Photo by Tierra Mallorca on Unsplash

For many homeowners, their home represents their largest and most valuable asset. Beyond providing shelter, a home can also serve as a powerful financial tool by providing the ability to use your home’s equity. 

Understanding home equity and how to leverage it effectively can unlock a lot of opportunities for homeowners. But before we get into the benefits, let’s get some definitions out of the way first. 

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Know your home’s finances in one simple step with HomeZada

Most homeowners do not know the total annual cost to own their home. They don’t have a budget for insurance costs, property taxes, gas and electric bills, water and sewer costs, or other typical services like alarm costs, pest control, landscaping or cleaning cost. This causes financial uncertainty and stress in many homeowners lives.

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