If you’re currently renting your home but you’re ready to make the transition to official homeowner, congratulations!
However, there are a few things you need to know before you kiss your apartment goodbye and replace it with a single-family home of your own.
How Much Does it Really Cost to Own a Home?
In addition to your mortgage loan (and the one-time earnest money deposit you’ll need to put down before your mortgage even begins), you’ll have to shell out for certain expenses each month… and this is all after you find a home you love and you’ve taken all the steps you need to take to ensure that you’re buying the right place.
The actual costs of homeownership include:
- You’ll have to pay property taxes based on the county in which you live.
- Homeowner’s insurance. You’ll pay insurance premiums to the insurance company of your choice; this type of insurance is typically required by lenders, because it protects their investment in your home.
- Homeowners association dues. If your new neighborhood has a homeowners association, or HOA, you’ll more than likely have to pay HOA dues or fees each month. Each HOA is different, and you’ll find them in subdivisions, neighborhoods, and condo complexes.
What Can You Do to Financially Prepare for Homeownership?
Aside from saving up 20 percent of your new home’s purchase price as a down payment (unless you’re using a VA loan or some types of FHA loans), you can begin working on your credit score now. The higher your score, the better interest rates you’ll get—and the more likely lenders are to work with you.
Are You Buying or Selling a Home in Aspen?
Call us at 970-429-8275 or get in touch with us online to tell us what you want from your next home. We’ll begin searching Aspen real estate listings right away. If you’re selling, get your free Aspen real estate market update and find out how we can help you sell your home quickly and at the best price.
While you’re here, you can also browse our:
- Basalt real estate listings
- Carbondale real estate listings
- Snowmass real estate listings
- Woody Creek real estate listings