FIND A LOCATION:
Find a Location
FIND A LOCATION
Call the Branch
Access online accounts
When moving from an apartment into a house, it’s not enough to figure out how much mortgage you can fit into your budget. There are extra expenses in home ownership you likely didn’t have to pay when renting.
Make sure to calculate these costs when you figure out whether you’re ready to buy a house.
Many landlords pay some utilities. When you own a house, they’re all your responsibility, and chances are they’ll be a little higher than what you paid in an apartment. In addition to the expected expenses like electricity, gas, water, cable and internet, expect to be charged for things like trash collection as part of your utility bills.
You might be dreaming of your own yard where you can plant flowers and grow a garden. Keep in mind that you’ll have to buy the tools you need to maintain your yard. Lawn mowers and snow blowers can be expensive, and you’ll likely also need basic supplies like hoses, shovels, rakes and brooms.
Anything for which you used to call the maintenance department when you lived in an apartment – overflowing toilet, clogged garbage disposal, ant infestation – you’ll have to either pay for or handle yourself when you own your home. Even if you do the repairs yourself, you still have to pay for the tools and supplies you’ll need.
There are costs for general upkeep, such as staining your deck, resealing your driveway, repairing your roof, replacing filters and patching and painting your walls.
Not all homes come with a washer/dryer and dishwasher, so you may need money for those appliances up front. Even if your home is fully equipped, it’s a good idea to budget for repairs so you’re not caught off-guard if your furnace, air conditioner or hot water heater breaks down. And if you have a basement, you may need to consider purchasing a dehumidifier and sump pump, too.
There are a lot of costs to home ownership, but there are also a lot of benefits, from having a place of your own to building equity. Once you decide if you’re ready to become a homeowner, contact us for a mortgage pre-approval before you start searching for your new home.