8 Items Buyers Need to Add to Their Budgets

Buying a home is much more than just paying a mortgage bill. Once you factor in association fees, property taxes, utility bills, and home maintenance, owners are often facing a much steeper price that is hundreds of dollars more.

Here are a few of the common expenses you will want to add to your budget, along with estimations of costs (note: costs can vary dramatically from region to region; prices listed are based on national averages):

Closing costs: Add in an estimated 2% to 5% of home price.
Homeowners insurance: Add $1,100-plus per year.
Homeowners association fees: Add $10 to $575 per month.
Property taxes: Add $1,000-plus per $100,000 per year.
Home maintenance and repairs: Add several hundred to several thousand dollars.
Home furnishings: Add several hundred to several thousand dollars.
Lawn care and outdoor maintenance: Add $100 to $200 per month.
Utility bills: Add $180-plus per month.

Contact our San Ramon home mortgage lender at Golden Pacific Home Loans for more questions about budgeting for home ownership or mortgage refinancing.