Just when you thought you'd already been paying every imaginable tax, the city springs this one on you. Yes, of course every homeowner pays taxes to the municipality to pay for civic services and infrastructure. The amount of the property taxes typically varies depending on the value of the home. Utilities - The monthly costs of natural gas, electricity, water, sewer, garbage collection, telephone, and even cable TV have to be worked into the budget. Insurance - You'll need a home insurance policy for at least as long as you have a mortgage on the home.
Most homeowners see value in maintaining insurance on the property indefinitely.
If you are planning on purchasing a condominium or townhouse you will be required to pay a monthly fee called condominium fees. These fees cover the cost of maintenance and insurance for the common areas of the condominium complex. Home Maintenance - Gone are the days when a leaky faucet could be remedied with a quick call to the landlord. As a homeowner, you will be solely responsible for the upkeep of your home. If something breaks, it's you that has to fix it, or at least pay for the repairs.