Home Ownership: Prepare For These 6 Repeating Expenses, For, many people, an essential part, of the so – called, American Dream, is owning, a home, of their own! When, and if, one is properly prepared, and, proceeds, with his eyes, wide – open, and realizes, realistically, the expenses of home ownership, he will generally, avoid, many of the challenges, and prepare, accordingly.

Home Ownership

Unfortunately, many, believe, and consider, only, the original expenses, such as putting – together, the down – payment, and qualifying for an affordable mortgage.

However, after, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I have come, to strongly, believe, agents owe their customers, and clients, more insight, and understanding, so they can be, better – prepared, for the potential eventualities.

With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 6 expenses, which accompany, this experience.

Mortgage considerations

Most people purchase a house, by taking advantage of, and, using, a mortgage loan, Components, of this, include repaying principal, paying interest, and escrow considerations (including, real estate taxes, mandated insurance, etc).


We each pay, several utilities, on a regular basis, such as electric, heating, water, etc. While, some of these, are, relatively, lower amounts, and others, are significantly, higher, smart homeowners fully consider, the sum – total, of all utilities, and prepare accordingly!

Immediate renovations, and cosmetic changes

What renovations, repairs, etc, might be most significant, and necessary, before you would move – into, the new residence?

Differentiate between, those, immediately, needed, and necessary, as opposed, to cosmetic changes, which you desire, and want to do. Understand, what these might cost, and be prepared!

Furniture, and fixtures

Whether, this might be, a first – home, or you are, either, moving – up, or, stepping – down, your existing furniture, and fixtures, may, either, not fit, or be, unsuitable (in some manner), for the new place! Whether, this is, about size, amount of furniture, and fixtures, or changing tastes/ needs, etc, prepare for these costs, because, they, might, add – up, and create stresses.

Repairs reserve

Few people, adequately, consider, and/ or, prepare, for repairs. The reality of ownership house is, there will always, be some necessary, or desired/ desirable, repair need, or wanted!

The smart approach, therefore, is to put aside, on a monthly basis, into a reserve fund, sufficient amounts, to be, as prepared, as possible.

Reserve for contingencies, major costs, renovations, etc

Whether, you believe, the new ownership house, is move – in, ready, or not, over – time, there will be contingencies, major costs, etc. Some of these items, include: appliances, heating, ventilation, air – conditioning, etc.

In addition, many times, our needs, priorities, tastes, etc, change, and we may desire renovations, etc, sometime, in the future.

Home ownership, for many, is a joy, but, unfortunately, for some, may become a nightmare! Will you commit, to proceed, in a prepared way, and maximizing, the potential enjoyment, of this, important, step, and experience?

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