Because renting is not a good investment (or any investment at all for that matter), you are likely eager to get into a house, condo, or townhome of your own. But, first things first, you have to determine what mortgage payment you can afford. If you are a first-time homebuyer, you risk forgetting to factor in the additional costs of owning a home into your feasible mortgage payment.
Here are some costs you need to include in your budget before you should start the home-buying process.
Additional Expenses that Utah Homeowners Incur
Once you have determined what your total income is, you need to factor in all the costs that owning a home will bring you in addition to the mortgage payment itself. Here is a list of additional expenses to look out for:
- The cost of purchasing new appliances
- Pest control
- HOA fees (where applicable)
- The cost of maintaining your yard (where applicable)
- Property tax
By looking into how much each of those would cost for a home in your price range, you can more accurately determine what a feasible mortgage payment would be.
Keyrenter Real Estate Welcomes First-time Homebuyers!
If you are just moving out of a rental property and into your first home, we would love to help you find a home in a price range that works for you. Unlike other real estate agents, we are looking out for your best interests rather than trying to get the highest commission possible. We want you to be happy and comfortable in your home without having to live paycheck to paycheck.
Our experienced and professional real estate agents are eager to help you find the home you’ve always dreamed of having, so give Keyrenter Real Estate a call today at (801)-566-6700 to begin your search!