5 Expenses Homeowners Pay That Renters Don't: A Guide for Houston, Texas Homebuyers

Owningahomeisadreamformanypeople,butit'simportanttobeawareofallthecosts involved before you make the leap. In addition to the down payment and monthly mortgage payment, there are a number of other expenses that homeowners need to budgetfor.Herearefiveexpensesthathomeownerspayandrentersdon't:

1. Property taxes

Property taxes are a recurring expense that homeowners must pay to the local government.Theamountofpropertytaxyouoweisbasedontheassessedvalueofyour home,anditcanvaryfromyeartoyear.InHouston,theaveragepropertytaxrateis1.9%. Themoneycollectedfrompropertytaxesgoestowardsfundingpublicservicessuchas schoolsandroads.Whileitmayseemlikeanadditionalburdenforhomeowners,paying thesetaxescontributespositivelytoimprovingtheirqualityoflife.

2. Homeowners Insurance

Homeowners insurance is another essential expense for homeowners. This type of insuranceprotectsyourhomeanditscontentsfromdamageorlossduetofire,theft,or

other disasters. The cost of homeowners insurance varies depending on the size and valueofyourhome,aswellasyourlocation.

3. Home maintenance and repairs

Homeownershipcomeswiththeresponsibilityofmaintainingandrepairingyourhome. Thiscanincludeanythingfromrepairingafaucettorefurnishingthefloors.Thecostof home maintenance and repairs can vary depending on the age and condition of your home. When you rent a home or apartment, most maintenance and repair issues are handledbythelandlordorpropertymanagementcompany.However,asahomeowner, itisuptoyoutotakecareofthesetasksyourselforhiresomeoneelsetodothemforyou. Maintenance includes routine tasks such as cleaning gutters, changing air filters, and checkingplumbingsystemsforleaks.Repairsmayincludefixingaleakyrooforrepairing damagedflooring.

4. Home improvements

Home improvements are optional expenses, but they can add value to your home and make it more enjoyable to live in. Some common home improvement projects include painting, remodeling the kitchen or bathroom, and adding a deck or patio. The cost of homeimprovementswillvarydependingonthescopeoftheproject.

5. Real estate agent fees

When you buy or sell a home, you'll need to hire a real estate agent. The realtor’s commissionistypically5-6%ofthesalepriceofthehome.Thisfeeispaidbytheseller, butit'simportanttofactoritintoyourbudgetwhenyou'reconsideringbuyingahome.

Inadditiontothesefiveexpenses,thereareanumberofothercoststhathomeowners mayneedtobudgetfor,suchasHOAfees,lawncare,andsnowremoval.It'simportantto doyourresearchandfactorinallofthesecostsbeforeyoumakethedecisiontobuya home.

Ifyou'rethinkingaboutbuyingahomeinHouston,Texas,besuretocontactaqualified realestateagent.Theycanhelpyoufindtherighthomeforyourbudgetandneeds,and theycanguideyouthroughthehome-buyingprocess.

HerearesomeadditionaltipsforHouston,Texashomebuyers:

Startsavingearlyforadownpayment.Theminimumdownpaymentforaconventional mortgageis3%,butyoumaybeabletoqualifyforaloanwithalowerdownpaymentif youhavegoodcredit.

Getpre-approvedforamortgagepriortolookingforahome.Thiswillgiveyouanidea ofhowmuchyoucanaffordtospend,anditwillmakethehome-buyingprocessgomore smoothly.

Bepreparedtopayclosingcosts.Closingcostsarefeeslinkedtopurchasingofahome. Theycanrangefrom2-5%ofthepurchasepriceofthehome.

Doyourresearchonneighborhoodsandschools.Beforeyoubuyahome,it'simportant toresearchtheneighborhoodandtheschoolsinthearea.Thiswillhelpyoumakesure thatyou'rechoosingahomethat'srightforyouandyourfamily.

Bepatient.Thehome-buyingprocesscanbelongandstressful,butit'simportanttobe patientanddon'tgiveup.Therighthomeisoutthereforyou,andwithalittlepatience, you'llfindit.

Homeownership may look glamorous and appealing on the surface, but it comes with manyhiddencoststhatrentersdon’tneedtoworryabout.Unfortunately,theseexpenses canaddupquicklyandputastrainonyourfinancesifyouarenotwell-prepared.Thus, beforemakingthebigdecisiontobecomeahomeowner,itisimportanttoconsiderallof thepotentialexpensesthatcomewithowningahomesothatyoucanbudgetaccordingly forthem.Fortunately,bydoingthisresearchinadvanceyoucanenterhomeownership preparedforwhateverunexpectedcostsmayarisealongtheway!

If you're ready to start your homebuying journey, contact some of the qualified real estate agents in Houston,Texas today. Depending on your budget and needs, they can helpyoufindtherighthouse.

JayThomasrealestateteamqualifiestobeamongthemostcrediblerealestateagentsin Houston,Texas.Itisanabsolutedelightforourteamtohelpandguideyouthroughthe entireprocessinclusiveofallthedirect&indirectexpensesinvolved!

Referenced By: https://www.householdrebate.com/blogs/5-expenses-homeownerspay-that-renters-dont-a-guide-for-houston-texas-homebuyers

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5 Expenses Homeowners Pay That Renters Don't: A Guide for Houston, Texas Homebuyers

Published on May 29, 2023

Jay Thomas Real Estate Team

Homeownership comes with the responsibility of maintaining and repairing your home. This can include anything from repairing a faucet to refurnishing the floors. The cost of home maintenance and repairs can vary depending on the age and condition of your home. When you rent a home or apartment, most maintenance and repair issues are handled by the landlord or property management company. When you buy or sell a home, you'll need to hire a real estate agent. The realtor’s commission is typically 5-6% of the sale price of the home. This fee is paid by the seller, but it's important to factor it into your budget when you're considering buying a home.