10-1 utility expenses worksheet answers

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Can you buy a house if you have student loans? Do rent payments affect credit score? What is a rate and term refinance? Should I pay off a mortgage early? How does a refinance in 2017 affect your taxes? What’s coming up for mortgage rates as 2018 closes?

Check our new Two-Month Mortgage Rate Forecast. Preparing to buy a home: What does owning a house really cost? It’s pretty easy to budget for the roof over your head when you rent. Your monthly payment includes property repairs, taxes and even some or all of your utilities. Many prospective home owners use mortgage calculators.

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Potential buyers can input their income, current bill payments and perhaps property tax rates and insurance costs, and the calculator kicks out an estimate of what they should be able to spend on a home. Here are some costs of home ownership that a class or counselor might explain. Home appliances tend to break at the most inopportune times. And your plumbing seems all but guaranteed to fail when you’re expecting house guests. The only thing worse than experiencing repair issues is having no money to take care of the problem. 2 per square foot of your home per year.

4,000 for a 2,000 square foot home. Put money aside each month for these expected expenses and save yourself a lot of grief when a repair arises. If this sounds like a lot of money to have to come up with each year, it’s important to know that you are unlikely to spend all of that cash every year. A roof or heating system replacement done this year may never have to be done again in the time you own your home, for example. However, as a homeowner, you need a wider range of insurance coverage to protect you and your mortgage lender against loss, and pay for protection against both property and financial risks, and these can add up. You pay for a lender’s title insurance policy along with other mortgage costs, and may want to buy an owner’s title policy, too.

Additionally, if you keep valuables like jewelry, electronics or artwork in your home, you may need to buy extra coverage. The more features the community offers, such as guarded gates, swimming pools, gyms, etc. Perhaps you didn’t pay for water or heat. You almost certainly didn’t pay for trash or snow removal.

You may even have gotten your gas or electricity included in your monthly rent. But as a homeowner, you’ll be responsible for all of those things. While some appliances such as dishwashers and ovens are considered fixtures and are included in your home’s sale price, portable appliances like washers, dryers and refrigerators are not always included. If you don’t get the seller to throw them in, you may have to buy new ones. Consider the age of the home you are buying. If it’s ten years old, your dishwasher, garbage disposal, washer and dryer and water heater may all be on their last legs.

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