![]() ![]() The part of that payment will go towards your principal balance, and the remaining part will be used to pay insurance to your lender.Īnother obvious expense of homeownership is property tax. So, until and unless you buy your house in cash, you will have to make a mortgage payment each passing month. ![]() When you buy your first home, you will probably need to obtain a loan from a renowned mortgage lender in order to make the purchase. In a layman's language, the mortgage is the amount of money that you borrow in order to buy a house or flat. With this in mind, here are some of the ongoing or one-time costs of homeownership that you as a homeowner need to be prepared for before you move to your new house.įirst, let's start with the most obvious expense, i.e., mortgage payment. But, there are other hidden costs too that you need to know. If we talk about the payments made while buying a house, downpayment and mortgage are not the only expense. Of course, the location plays a significant role in determining the cost of an apartment or its monthly fees, especially if the property is located in a highly-preferred area such as the heart of the city or in the proximity of the basic amenities. The monthly fees that you need to pay depend upon the location and size of your home. The monthly fees cover the cost of upkeeping grounds, common areas, and buildings. Yes, you read that right! An additional cost of owning a home or apartment is the monthly maintenance fees. Whether you are thinking of buying a condominium or an apartment as your primary residence or investment property, you are going to pay more than just your living and mortgage expenses. Are you planning to buy a new home but don't know much about the hidden expenses that it involves? If yes, then this write-up will let you know all the hidden expenses that come with homeownership. ![]()
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