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HUB Insurance Hunter | Hidden Costs of Home Ownership to Be Aware Of

September 23rd, 2011  |  Insurance

Buying a home is a big investment. For most, it is the single biggest financial decision they will make in their lives. While most people focus on the cost of the mortgage and the monthly mortgage payments, there is actually many more costs that you will need to account for when buying a home.

Here are some of the hidden costs associated with home ownership to be aware of:

  • Closing costs: Fees such as closing costs, lawyer fees and home inspect costs are often overlooked by prospective homeowner, especially when they are first time home buyers.
  • Home insurance: Your home insurance costs can often be more than you think, especially if you have a pool. Always get a home insurance quote as part of the home buying process.
  • Regular maintenance and repair work: Part of owning a home is performing the tasks and upkeep that will keep your home in good shape for years to come.
  • Property taxes: While this can be bundled into your mortgage, this is a fee that is often overlooked by many new homeowners.
  • Unforeseen costs: You never know when something can go wrong with your home. This is why it is so important to have an emergency fund and be prepared to handle repairs as they arise, especially if you buy an older home.

If you are interested in learning more about the hidden costs of homeownership or home ownership insurance, feel free to contact insurance Hunter any time. And, don’t forget to get 3 quotes in 3 minutes on home insurance by visiting our website at www.insurnacehunter.ca

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