Buyers — The Cost of Homeownership For You

IMG_1117One-Time Expenses


Will the appliances in the home need upgrading?  Now or in the near future?  Don’t forget to check out the water heater and HVAC.


Moving from an apartment to a three-bedroom house will often mean you’ll need more furniture.  Evaluate furniture needs and costs for your new home.


Before purchasing a home that needs remodeling, ask a contractor to give you an estimate.  Homeowners often underestimate the costs.


Ongoing Expenses

Principal, interest, taxes, and insurance (PITI)

If you have a fixed rate mortgage, the payment will remain the same for the life of the loan.  Taxes and insurance may increase.

Homeowner Association Fees

Fees or assessments for a condo, townhouse or single-family home with an association can increase yearly.  Compare fees of similar properties line-by-line.  Check what the fee includes; utilities, gas, electricity, garbage pickup, and water.

Watch out for special assessments for capital repairs and improvements to common areas.

Exterior Maintenance

Replacing the roof, painting the siding or trim, sealing the driveway, sealing the deck, replacing windows, gutter cleaning or repair, septic and well maintenance are just some of the additional exterior maintenance costs in owning a home.

Some jobs you can do yourself, but others require professionals.  Don’t forget the tools that go along with home maintenance: power washers, compressors, heavy-duty ladders, and power tools.

Interior Maintenance

If you’ve been renting, your landlord probably picked up the tab for repairs and general maintenance.  Once you own your home you’ll be footing the bill.  You will need to maintain appliances, plumbing and electrical systems, carpets, floor and wall coverings.


If you are renting, you are probably used to budgeting for utilities.  We can help you find out about the current occupant’s costs, but family size and usage impacts those numbers.

Yard Care And Snow Removal

Plan on buying a lawnmower and other landscaping tools or budget for a professional lawn service.  Include a snow shovel or snow blower, too.

Pest Control

Be sure to schedule a termite inspection before you purchase a home.

Transportation Costs

Don’t forget to calculate transportation costs whether by public transportation or your own vehicle.  Budget for gas, oil, insurance, tires, and regular maintenance.  Will you need to purchase another car to take care of all of the family’s transportation needs?

And Don’t Forget to Budget for The Family Dog….HE’S VERY IMPORTANT!  Eddy pictured here.






About The Author

Jolie Powell

Jolie Powell has been a distinguised leader in the Real Estate industry since 1987. Prior to entering the world of Real Estate, she worked as a TV producer for the Advertising Agency, Dancer Fitzgerald Sample in NYC. Jolie's expertise in counseling buyers and sellers brings people together from Long Island, and indeed, Globally! Having lived abroad and traveled extensively, Jolie has an excellent understanding of many cultures. As a Cuban-born American, she is fluent in Spanish and communicates well with international clients relocating to the North Shore of Long Island. Jolie is proud of the high level of trust she and her clients have established and looks forward to continue building exceptional client/broker relationships.