October 23, 2024

How much does homeownership cost?

Whether you want the idyllic white picket fence or you’re eager to put the brakes on renting, homeownership may be looking like an increasingly attractive option. But don’t get ahead of yourself and start choosing paint colors just yet.

Before entering the market for a new home, be sure you’re ready to make such a big financial commitment. The first step is understanding all the costs of owning a home. While some costs, like a down payment and closing fees, may seem more obvious, you’ll still need room in your budget for the less straightforward expenses. These include HOA fees, taxes, insurance and more. 

Discover more about the hidden costs of owning a home by reading my latest article for Quicken Loans, available here.