Closing Costs
When you get a loan you have to remember that there are closing costs involved that can add up! The charges can differ from state to state, but you need to know if you are responsible for a portion or if the seller will be paying them all. Often the expenses are written into the offer so that the buyer doesn’t have to come up with more money than the down payment.

Property Taxes
The main revenue for our municipalities, counties and school districts is property taxes. The average property tax in the U.S. is 1.38% of the home value. The highest rates are on the East Coast and the lowest are primarily in the Southern States. There are those areas that are higher or lower depending on local levies, or condo dues with additional fees. You will want to know ahead of time how much to expect the fees and taxes to amount to.

Private Mortgage Insurance
Private Mortgage Insurance (PMI) may be necessary if you put down less than the 20% downpayment. With this insurance you can often put down a smaller percentage payment and the policy will protect the lender if you should default. When enough equity is built up in the house you can then cancel the PMI.

Homeowners Insurance
Homeowner’s insurance is a requirement to acquire a mortgage but you need to know what is covered by that basic policy. Usually you will need to get additional coverage if you live in a part of the country that gets tornados, hurricanes, earthquakes, or floods. You need to protect your biggest asset. Also, if you have expensive art, antiques, equipment, or jewelry you will need to get an additional rider to protect them.

Decorating
The most fun of owning your own home is decorating it the way you want to, to reflect your own personality and taste. You can change the look with paint or with a whole remodel. When you buy your home you need to have a plan and budget for each phase of decorating.

Home Maintenance and Repairs

When you buy a home that needs lots of repair you realize ahead of time that you will be putting in more money and elbow grease. Even with a new well maintained home you need to be prepared to continue to keep up with repairs and not lose value by ignoring problems. Upkeep on your home will be the best thing you can do to protect your investment. There will always be major issues like a new roof, or furnace to invest in, so start a home maintenance savings account to ease the pain of having to come up with the money for those big ticket items. Don’t’ be caught unaware, planning ahead save money and worry. When you decide to sell you will have the comfort of knowing that you have cared for you asset and it will pay off in the end.