{"id":9072,"date":"2018-07-19T11:04:44","date_gmt":"2018-07-19T15:04:44","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=9072"},"modified":"2023-06-06T12:13:01","modified_gmt":"2023-06-06T17:13:01","slug":"hidden-costs-home-ownership","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/hidden-costs-home-ownership\/","title":{"rendered":"What Are the Hidden Costs of Home Ownership?"},"content":{"rendered":"<p>When it comes to buying a house, there are a lot more expenses involved than just the 20 percent down and monthly mortgage payment.\u00a0 In fact, that\u2019s just the tip of the iceberg.\u00a0 According to <a href=\"http:\/\/www.zillow.com\/\" target=\"_blank\" rel=\"noopener\">Zillow<\/a>, the average U.S. homeowner pays an extra $9,000 a year in hidden costs and maintenance.\u00a0 Here are some hidden costs of home ownership.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Homeowner\u2019s insurance<\/strong><\/h2>\n<p>As a new homeowner, you\u2019ll need to get homeowner&#8217;s insurance to protect your investment and personal belongings. The cost varies based on your location but the average annual premium is $1,083, according to ValuePenguin.\u00a0 Keep in mind that if you live in a low-lying area, you may also be required to purchase flood insurance.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Private mortgage insurance<\/strong><\/h2>\n<p>If your down payment is less than 20 percent of the home\u2019s purchase price, be prepared to pay for private mortgage insurance (PMI).\u00a0 This protects the lender in case you default on the loan.\u00a0 PMI fees vary based on the size of your down payment and credit score but can cost between 0.3 \u2013 1.50% of your loan per year.\u00a0 Once you have at least 20 percent equity in the home, you can have the PMI removed.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Closing costs<\/strong><\/h2>\n<p>Another hidden cost of home ownership that catches many first-time home buyers by surprise is the closing costs.\u00a0 Closing costs include appraisal fees, attorney fees, title insurance, property transfer taxes and inspection fees.\u00a0 Depending on your location and the type of financing you obtain, your closing costs will be between 2-5 percent of the home\u2019s sale price.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Property taxes<\/strong><\/h2>\n<p>When creating your budget, don\u2019t forget to factor in property taxes.\u00a0 On average, your property tax will be about one percent of the home\u2019s value.\u00a0 The good news is your property tax is deductible when you file your federal tax return.\u00a0 <a href=\"https:\/\/www.eztaxreturn.com\/\" target=\"_blank\" rel=\"noopener\">ezTaxReturn<\/a> supports itemized deductions and is the easy way to get your taxes done, fast.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Furniture and decor<\/strong><\/h2>\n<p>One of the best parts of owning a home is getting to add your own personal touches.\u00a0 Whether it\u2019s a fresh coat of paint, fancy artwork or new light fixtures, the cost of making the home your own can quickly get out of hand.\u00a0 The bigger the house, the more furniture and decorative items you\u2019ll need so consider these expenses and budget accordingly.\u00a0<span style=\"color: #ff0000;\"><br \/>\n<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Maintenance and repairs<\/strong><\/h2>\n<p>It\u2019s no secret that you\u2019ll be responsible for any maintenance and repairs that need to be done but many first-time home buyers underestimate how much these projects will actually cost.\u00a0 Between landscaping, gutter cleaning and pest control, the expenses can really add up.\u00a0 A popular rule of thumb is to set aside one percent of the home\u2019s value per year for maintenance.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: center;\">File your taxes fast and ez in 30 minutes or less.<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to buying a house, there are a lot more expenses involved than just the 20 percent down and monthly mortgage payment.\u00a0 In fact, that\u2019s just the tip of the iceberg.\u00a0 According to Zillow, the average U.S. homeowner pays an extra $9,000 a year in hidden costs and maintenance.\u00a0 Here are some hidden [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":9073,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-9072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Are the Hidden Costs of Home Ownership?<\/title>\n<meta name=\"description\" content=\"Buying a house involves more than just the 20 percent down and monthly mortgage payment.\u00a0 Here are some hidden costs of home 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