If you are a first time buyer there are many costs in owning a home that you need to consider in your monthly expenses in addition to the mortgage. Each location you consider buying in will have different taxes, the costs of commuting, utility, insurance costs may all be different.
You will start with your mortgage payment. This payment will include your property taxes and insurance costs. Your property taxes may include the Parish (County) tax plus a Village tax if the property you are buying is in a village. Your mortgage payment will also include your homeowners and if in a flood zone your insurance costs. If you have fixed rate mortgage that component will remain the same but the tax and insurance amounts will increase yearly.
Utilities include electric, gas and oil if applicable. If you are a first time buyer and were renting an apartment these costs will increase considerably. It is more expensive to heat a whole house than a one bedroom apartment and your landlord may have paid for heat. I can help you find out what the current owner is paying but you may have higher usage if for instance you work at home or like a warmer house.
If the property has a lawn, mowing and other gardening will have to be done by either hiring someone to mow your lawn or doing it yourself. If you don’t own a lawn mower factor in the cost.
Transportation costs can add up. Will you need a car? a second car? Plan to pay for gas, auto insurance, tires and general maintenance. Going over a bridge daily to get to work? factor that in. Auto Insurance can be costly.
If you are buying a Townhouse, Condo or a Single Family home with an Association factor in the fees. Find out what is included such as garbage pickup, gas, lawn maintenance. Check for special assessments that may be coming up which might require you to contribute.
Factoring in telephone, cable or satellite TV and/or internet is also necessary though those costs would be the same where ever you buy.
It isn’t just the mortgage payment. These are some of the things that I as an Accredited Buyer’s Representative (ABR) can help and guide you through so that you have a smooth closing and can move into the house that you worked so hard to find and want to buy.