Closing down on that house and finally moving in might not be the happily ever after that you have dreamed of. The fees won’t stop coming in when you decide to buy a house. Instead, there’s a possibility that fees will come nonstop thanks to housekeeping and maintenance.
Yes, home ownership is great since you already possess a property that you can call your own and it’s the first step to the road of financial stability. And yet, those people who are not aware of the added fees that have to pay can get a bit shocked on how much home ownership really costs. Be aware of the major maintenance fees and other costs that you should take care of by reading the quick list below.
1. Inspection and appraisal fees
Before moving in, you have to make sure that the house is in tip top shape. That’s why it’s a must to get an inspector. An inspector will also check if there are any pests that are still in the house.
2. Appliances and furniture
Of course you can’t live in a blank house! Another cost that you should worry about are appliances and the furniture. Make sure to include all the basic stuff that you need and exclude those excesses if you are in a tight budget.
3. Property taxes
Yes, you still have to pay for taxes every month. It’s part of being a homeowner after all. The property tax goes alongside your monthly mortgage.
4. Utility bills
Aside from the tax and the monthly mortgage, you also have to pay for the utility bills. This includes electricity, water, wifi, and other maintenance like heater and air conditioner.
5. Repairs
Your home won’t always be in tip top shape. Sometimes there will be damages on the roof, some clog in the sink, and some leaks. That’s why you have to make sure that you have an extra money that you can use in case these damages appear. You live in the Philippines after all, and we all know how the tricky climate may do some damages in our home.
6. Insurance
You won’t be able to get mortgage without homeowner’s insurance. This insurance covers both the property and the inside. This will come in handy when sudden accidents like typhoon, flood, or fire appear.
7. Renovations
You may want to change the house’s color or add a room when your family gets bigger. Renovations are good investments since it helps in adding value to the property.
8. Lawn care
The saying “Do not judge a book by its cover” does not always cover your house’s landscape. If you want your house to be the talk of the town – for the good reasons – then make sure that you have extra for lawn care.
9. Is it all worth it?
You’re might already be sweating from all these fees. You’re probably thinking that with all the fees to cover, is buying property still worth it? The answer is a big yes! Nothing beats the feeling of finally owning a house and lot and completely managing it on your own. There might be so many fees but remember that it’s all worth it in the end.
Image source: http://www.persquare.com.ph/for-sale/house-lot-ncr-metro-manila-muntinlupa/brand-new-ayala-alabang-house-lot-for-sale_107352 – Homes Manila
