Money Matters: Financial Commitments Extend Beyond Price of Home

When you begin searching for a home, most prospective buyers go into the process with an idea regarding the price range they can afford, however, according to many real estate experts, people often forget to factor in all the costs involved.

In order to make sure you’ve accounted for everything, it’s important for buyers to make a list of all the expenses associated with purchasing a home and prepare themselves ahead of time for the money that is required once a new home is purchased.

When it comes to buying a house, there’s a lot more to worry about than just the price of the home. In addition to the mortgage and the interest that comes with it, buyers need to be ready for everything from taxes to insurance to the cost of maintaining the yard.

When preparing a list of financial commitments, you should always begin with taxes. Property taxes can add hundreds of dollars to your monthly mortgage payment and can increase depending on school and town budgets. A home is normally taxed on its assessed value, an amount equal to a fraction of its appraised value.


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