3 Expenses other than the mortgage you need to be able to afford
Posted by Clive Rutherford on Mar 30, 2015 in Blog | 0 comments
This is a great article that every first time home owner should read. Even veteran home owners might need a quick refresher!
3 expenses other than the mortgage you need to be able to afford
Author: Ward Lowe
Your loan terms greatly affect how much you can spend on a house, but the mortgage isn’t the only cost you need to take into account when buying property.
Consider the government
Find out what the property taxes are on a house. Will yours differ? You may not qualify for the same exemptions as the current owners, or you may not benefit from appraisal caps in place. Also, taxes can vary from one neighborhood to the next, so see if comparable homes relatively close to one another are subject to different taxing entities.
The cost of membership
Are you buying in a homeowners association? Fees for HOAs can reach several hundred dollars a month. That cost may be worth it to you for certain amenities, but you should factor this cost into your buying decision.
Keep the lights on
Even though utility costs are consistent within a community, the size of a house and its energy efficiency can mean great differences in your bills. You may be able to look at past bills from the utility company, or you can ask the current owners if they will provide copies of their past statements.
Once you know how much your mortgage will cost, figure out what else will contribute to your monthly bills. Be sure to have your Texas REALTOR® help make these determinations.
I moved to Lago Vista about fifteen years ago and have been involved in community affairs on many levels since that time. I am a Past-President of the Lago Vista & Jonestown Area Chamber of Commerce, and of the Lago Vista Festival Foundation, current Vice-President and Board Member of the Lago Vista Economic Development Alliance and Board Member of the Lago Vista Property Owners Association.
“British Born, Texas Proud!” — a slogan I hope will convey my deep commitment to my adopted home. I believe there is just one foundation for your relationship with your real estate professional — TRUST.
I promise to earn yours!
Email: cliverutherford@att.net
Tel: 512-589-7635
