Business Magazine

Budget for Homeownership Costs Beyond Principal, Interest, Taxes and Insurance (PITI)

By Homesmsp @HomesMSP

MP910221020If you are buying your first home, it's easy to think of your monthly PITI (principal, interest, taxes, insurance) payment as as what your new home is going to cost you. The true cost of home ownership extends beyond that, however.

Here are some other things to factor into your home budget...

ONE-TIME EXPENSES

  • Applainces and mechanicals - will your appliances, water heater, furnace/AC need replacing now or in the near future?
  • Furniture - if you are moving to a bigger space you will likely need more furniture... and if you are moving to a smaller space you may to get smaller scale furnishings
  • Window coverings - will you need new window coverings?
  • Updates - if you are planning to do major remodeling you have likely already figured out that cost, but what about minor updates such a fresh paint, new floor coverings, bath and kitchen updates?
  • Storage - will you need new storage units? what about an on-going storage facility?

ONGOING EXPENSES

  • Utilities/association fees - find out monthly average of current utility costs so you can budget, keeping in mind that your usage could be higher or lower
  • Exterior maintenance - you may need to buy some tools to help you save money in the long run, including ladders and power tools; long term maintenance costs could include the roof, siding and trim, windows, sealing the driveway, cleaning/replacing gutters
  • Interior maintenance - includes maintaining appliances, plumbing and electrical systems, walls and floor coverings, etc
  • Yard care and snow removal - will you need to purchase a lawn mower and/or snow blower? landscaping tools? snow shovel? or hire a service?
  • Transportation costs - if you use public transportation, check out routes and cost; if you drive, will your auto insurance costs go up? will your mileage increase? will you need to purchase a vehicle? budget for gas, oil, insurance, tires, regular maintenance

Sharlene Hensrud, RE/MAX Results - Email - Minneapolis-St. Paul Buyer's Agent


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Big Food Giants Manipulate Public Health Policy in China

    Food Giants Manipulate Public Health Policy China

    Coca-Cola is at it again. As soda sales decline in the United States and Europe, beverage companies look to emerging economies like China for growth. And, it... Read more

    The 15 January 2019 by   Dietdoctor
    DIET & WEIGHT, HEALTH, HEALTHY LIVING, MEDICINE
  • Jewellery for a Precious You

    Jewellery Precious

    Jewellery is always close to a woman’s heart. It completes her look and boost confidence. Considering the changing trends in jewellery fashion, it becomes... Read more

    The 15 January 2019 by   Dr.jenifer Sayyed
    LIFESTYLE
  • Rajshri Productions’ Next Is A Film On Friendship | Hum Chaar | Trailer

    Abhishek Dixit’s debut feature film Hum Chaar is a Bollywood film made under the banner of Rajshri’s film. Hum Chaar is written and directed by Abhishek Dixit. Read more

    The 15 January 2019 by   Themoviean
    ENTERTAINMENT, MOVIES
  • Saint Paul the First Hermit

    Saint Paul First Hermit

    Today is the feast day of Saint Paul the hermit. This is a sweet and delicate Oatmeal Bread topped with rolled oats and naturally sweetened with agave. Saint... Read more

    The 15 January 2019 by   Veronica46
    FOOD & DRINK, RECIPES
  • Irupathiyonnaam Noottaandu | Teaser | Pranav Mohanlal | Arun Gopy

    Arun Gopy’s Irupathiyonnaam Noottaandu is an upcoming Malayalam action-drama feature film starring Pranav Mohanlal and Zaya David in the lead roles. Read more

    The 15 January 2019 by   Themoviean
    ENTERTAINMENT, MOVIES
  • A Year Of Body Positivity

    Year Body Positivity

    Last January, as I sat there on New Years eve all set to make the same old resolutions I've made year after year for as long as I can remember, I realised how... Read more

    The 15 January 2019 by   Sparklesandstretchmarks
    DIARIES, SELF EXPRESSION
  • Garden Bloggers Bloom Day – Jan 2019

    Garden Bloggers Bloom 2019

    Euphorbia rigidaWhen I went out to take the photos for this blog post I was surprised at how much was in flower dotted around the garden. Read more

    The 15 January 2019 by   Patientgardener
    GARDENING, HOME