Budget for homeowner costs

Budget for homeowner costs

Beyond the costs of purchasing a home, owning and maintaining a property comes with a slew of costs.

Homeowner’s insurance

Mortgage lenders mandate that you get homeowner’s insurance to safeguard your property in the event of a loss. The amount will depend on the value and location of your house. Premiums may be higher in flood-prone or earthquake-prone locations.

Property taxes

Your local government will also collect property taxes from you. Costs like infrastructure, schools, law enforcement, and fire protection are covered by this amount, which is determined by the property’s worth.

Repairs and maintenance

Painting, lawn maintenance, appliance repairs, and cleaning up living areas are all included in the cost of maintaining a property.


According to Realtor.com, the average HOA fee for a single-family home is $200 to $300 per month. These funds are usually put to good use. It pays for things like a community pool or gym, trash removal, snow removal, or common area maintenance.

For many individuals, purchasing a house is a once-in-a-lifetime opportunity. There are many variables that affect your ability to purchase a house, so it’s a good idea to assess your financial situation and the associated expenditures before starting your search.

Need an accurate home evaluation?


Kamil Sarji - Real Estate Agent


Kamil Sarji

Real Estate Agent

Licensed in Rhode Island, Massachusetts, and Connecticut

Phone: (401) 396-2888



If You're Selling: I know how to present and showcase your house effectively, promote and market it so that it attracts qualified buyers and get SOLD for the highest price possible.

If You're Buying: We start with really learning about your needs and what you're looking to achieve in your new home. Knowing this will help me find and show you the best homes that meet your criteria.


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