Budgeting Tips
For New Home Owners
Congratulations on your new home!
Here are some budgeting expenses to keep in mind as you settle in.
Property taxes
Although you can write them off on your annual tax returns, you still need to be prepared to pay your local property taxes each year.
Repairs and Maintenance
Home maintenance can cost up to $500 a month. Set aside extra funds for roof repair, plumbing and other upkeep tasks
Pest Control
Unexpected visitors can invade your home without notice. Keep enough in your savings to cover the costs of termite inspections, insecticide treatments and other pest control expenses.
Landscaping
Part of loving your home is taking care of its yard. Be sure to keep some change in your budget for landscaping expenses, like extra water use and fertilizer.
Utilities
Factor into your budget the costs of water, cable and internet, heating, air conditioning, electricity and other services.
Mortgage Payments
If you took out a mortgage, you’ll have monthly principal, interest and mortgage insurance costs. Establish and set aside a designated amount each month to stay current on your mortgage payments. Bonus: You may be able to deduct your paid interest and insurance from your taxes!
HOA Fees
If you’re part of a homeowners’ association (HOA), you’ll owe a monthly membership fee anywhere from $100 – $300
Home Insurance
Include any homeowners insurance you obtain in your monthly budget.