Ignite FB Tracking PixelHow Much Does it Cost to Own a Home? - Maureen Serrano & Pat McMillan
Berkshire Hathaway Homeservices Florida Realty
Maureen Serrano & Pat McMillan, Berkshire Hathaway Homeservices Florida RealtyPhone: (813) 416-2236
Email: [email protected]

How Much Does it Cost to Own a Home?

by Maureen Serrano & Pat McMillan 12/29/2019

Image by Have a Nice Day Photo from Shutterstock


The home you've been searching for is on the market, and now you’re ready to buy it. But can you afford it? How do you know? The internet is filled with mortgage calculators to help you determine what your mortgage payment will be. You simply plug in the numbers — the selling price, interest rate, down payment amount — and voila! Out pops your payment amount for the next 30 years.

Closing Costs

Your mortgage payment, with principal and interest, might tell you what to expect to pay the bank but multiple other factors add to the cost of homeownership. First, you'll have closing costs. Your real estate professional can give you an approximation of what these may be but the exact numbers won't be available until the closing is official. Closing costs include things like points and prepaid interest based on the day the loan closes.

Taxes

While you may know your tax costs for the first few months of homeownership, changes in levies, tax rates, and property evaluations can raise rates unexpectedly. If your home is in a developing community, costs of roads, streetlights, and other infrastructure get passed to homeowners in the form of special assessments, taxes, and fees.

Homeowner Association Fees

When your community has shared property such as playgrounds, pools, parks, and clubhouses, expect to pay monthly homeowner association (HOA) dues. These may come as a separate bill or be paid from an escrow account that your bank sets up. Like taxes, homeowner association dues and fees may raise each year to compensate for inflation or maintenance needs. If your HOA takes care of fences, roofs, and building exteriors, be prepared for periodic assessments. This may happen more frequently if your home is in a storm-prone area since wind and hail can cause considerable damage.

Periodic Maintenance

Whether you have an HOA or not, your home requires regular maintenance. When this is your first time as a property owner, you might not realize all the things covered in your rent. You'll have annual inspections to your heating and air conditioning systems, checks on your in-ground sprinklers, and pest control. You’re also responsible for attending to leaky faucets and running toilets, replacing the HVAC filters, replacing batteries in smoke detectors, and repairing anything that breaks.

When you’re ready to start shopping, your professional real estate agent can help you understand the costs as well as the advantages that come with homeownership in your area.

About the Author
Author

Maureen Serrano & Pat McMillan

With over 27 years of experience in luxury new home sales, Maureen has been a leader in the Lakewood Ranch Community since 2002. She has been named as one of the area’s top new home sales consultants and has successfully sold over 500 homes to date. Through her wealth of knowledge in new construction she has been helping families build their dream homes for decades. Her dedication to providing superior customer service has created a reputation that keeps customers coming back and Maureen has built multiple homes for her customers.

 
A third generation Realtor, Maureen learned early on that selling Real Estate would be in her future. Originally from New York, Maureen watched her Mother and Grandparents develop and build neighborhoods on the East End of Long Island. She went to college in Oswego, NY and concentrated in Business and Marketing. After a brief career in New York City as a Conference Planner, she moved to Florida in 1990. This was the perfect time to get her Real Estate License and going into New Home Sales was a natural choice given her family history.

 
Since 2002 Maureen has worked in the Sarasota/Lakewood Ranch area for several of the top Builders and Developers such as WCI Communities, Mark Rutenberg Homes,Lee Wetherington Homes, Minto Communities, Neal Signature Homes and most recently Stock Development. Throughout her career she has earned numerous awards for sales volume as well as providing the highest level of customer service.With this vast Real Estate experience Maureen is ready to pursue a lifelong dream of being a successful agent in the General Real Estate Community. Recently engaged to her Love of ten years, Maureen, Brad and their blended family of four children live in the River Club Community in Lakewood Ranch.