The unanticipated costs of homeownership

Category: Housing

Buying a home can be an exciting milestone, but there is a lot more to consider than just the initial purchase price. Some first-time homeowners are caught off guard by some of the various unexpected costs of home ownership. This article outlines some of those unanticipated expenses, which can help you be more prepared.

Utilities

If you’re moving from a small apartment to a large home, you need to be prepared for the increase in your monthly utility bill. And when you need to heat or cool off a large home during intense weather conditions, you may see an increase of a few hundred dollars per month from what you’re used to.

Repairs

Anything can break down at any time, and you will be responsible for fixing it now as a homeowner. This can include easy fixes that only cost a few bucks, to large projects that will run you thousands.

Insurance

Depending on what type of property you purchase and your location, there are various types of insurance that you have to consider. Some policies might be required, while others might be highly recommended.

Closing costs 

Due at closing, these costs are usually anywhere from 2 to 5 percent of the cost of the home. However, you may be able to roll these costs into your mortgage. Ask your lender for details.

 

Do you need cash now to take care of a sudden repair bill? Does your home need renovations and remodeling, but you just don’t have the funds for it? If you’re the recipient of an annuity payment stream, we can help you. At Peachtree Financial Solutions, we can helping customers interested in selling annuity payments. We provide individuals with the option to sell some or all of their future annuity payments. By selling your annuity payments you can get your money now instead of having to wait for it. As you likely know, waiting to receive all of your money can take a very long time—it can take many years or even an entire lifetime. But why wait when you have other options available? Contact Peachtree Financial Solutions today for more information on how annuity selling can get you cash now.

 

Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: closing costs, insurance, Real Estate, renovations, repairs, utilities

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