It’s not just your mortgage payment to consider

Many people focus solely on their mortgage payment when looking to buy a home. There are many other costs you must consider in your budget.

You will pay a monthly cost for property taxes and homeowner’s insurance. You will also be responsible for paying your monthly utilities. These may consist of water, sewer, trash removal, yard waste, electricity and natural gas. You also have optional utilities like telephone and television (cable, dish, etc). If your utilities previously have been covered in your rent, this may be new to you. Your agent can help you get information from the Seller on how much utilities normally cost for the home, keeping in mind that usage requirements differ from family to family. In addition, you may have homeowner association or condominium dues.

You must also have money left to save for regularly scheduled maintenance and unexpected repairs that could include the roof, exterior painting, hot water tanks and heating units.