Search Deals on Preforeclosure Properties!

 What are some of the additional costs of home ownership? 

While they will vary by state, every home has additional costs to consider. Some states require a Termite Bond prior to you purchasing a home. Often times the mortgage companies will want to protect their investment and require one as well. There is also flood insurance that is becoming widely required in some states and areas that are more prone to them. Once again this will vary by state but should also be looked into.

When considering monthly costs, one should always include utilities. Some areas experience high payments in the winter time as fuel costs are on the rise. Electric costs in hotter areas do to air conditioning should also be considered. Then there are insurance costs (home owners, etc.), maintenance costs, neighborhood HOA fees, etc. The bottom line is to do your research when buying a home. Ask the home owner questions about additional costs and if they don't have the answers ask a neighbor.

A home warranty is a service contract, usually covering one year, which helps protect homeowners against the cost of unexpected repairs or replacement on their major systems and appliances that break down due to normal wear and tear. There is usually a service fee associated with each service call. Annual cost varies from one company to the next. Do your homework! Home Warranties may or may not cover in full ‘big ticket items' - read the fine print to prevent unexpected expenses on your end. Home warranties may not be available in all states.