While renters maker up nearly 40% of all homes in America, some consider buying a home in the future. While it is a goal of many, it is important to know the expenses homeowners have to pay that renters do not have to pay.
Homeowners Insurance:
When you purchase a home, having homeowners insurance is needed to prevent major costs in case of damages to your home such as flooding, fire, or burglary. On average, homeowners insurance costs $40 per month to prevent these risks.
Property Taxes:
Although this may seem obvious, owning a home comes with paying property taxes. While the costs of property taxes vary from state to state, the average cost for homeowners is $175 per month. It is essential to consider the cost of property taxes as they fluctuate frequently.
Homeowners Association Expenses:
As a renter, Homeowners Association (HOA) fees are usually covered by your landlord, but this does not include homeowners. Typically, homeowners pay $300 in addition to their monthly mortgage per month which cover community amenities.
For more information about the benefits of renting or to receive help with your decision, contact Chang Legal today.
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