The Hidden Costs of Houston Homeownership

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Today, we’re talking about overlooking the extra costs of homeownership in Houston.

Buying a home involves more than the initial, upfront cost. As a homeowner, you’ll end up investing in your home beyond actually purchasing the property. Oftentimes, home buyers consider principal, interest, taxes, and insurance exclusively during a transaction. The principal is what you pay after the down payment. The interest is your interest rate. Taxes can range from 3.2% to 3.7%.

However, most people don’t think about the hidden costs after these expenses. There’s a lot to take into account. Some are necessities, depending on the neighborhood or subdivision you live in. You might run into HOA fees, which typically range from $400 to $1,200.

Depending on the size of your home and electric company, electricity is another expense to consider. It could range from $100 to $350 a month depending on the season. Water bills are yet another hidden cost, ranging anywhere from $30 to $100 monthly. It depends if this service includes sewer or trash.

Cable and internet are other services to take into account. This could also include your home alarm system if you choose to invest in one. Even more possible hidden expenses include extermination and landscaping services. There are definitely additional fees beyond the property’s listing price.

If you’re thinking about buying or selling a home in the surrounding area, reach out to us by phone or email! We’d be happy to answer your questions about this topic and more.