Once You Buy a Columbus Home, How Much Does it Cost to Own It?

Buying a home in Columbus is exciting and brings feelings of starting a new chapter in life with a home that can help improve the quality of everyday operations. But the cost of homeownership is much more than just the price tag of the home itself. Making sure you know the costs of homeownership beyond buying a home will help you to better prepare for owning a home and determine if you can truly afford homeownership. 

Expenses to Expect Beyond the Purchase PriceOnce You Buy a Columbus Home, How Much Does it Cost to Own It?

After you are in your home, you are now the only one that will be maintaining the home. Once you are in your home after securing your mortgage and signing the paperwork, there are expenses to maintaining your home and keeping it a safe place to live. Then there are the fun things that homeowners now have the freedom to take on like upgrades and remodels to make their home truly their own. 

Before making a home purchase it is wise to budget for these costs. You don't want to buy a home and not be able to take care of it, because all of your money is tied up in the mortgage, utilities, other bills, and necessities like groceries. But how can a potential Columbus homebuyer budget for these costs? There is no cookie-cutter amount of how much these things will cost. 

Financial budgeting experts advise that homeowners set aside about 1% of the purchase price of their home for routine maintenance and emergency maintenance needs. Even if you are purchasing a brand new home, put this money aside in a savings account annually. Don't give up on putting this money aside. Make a monthly budget for this amount and put it in savings, even if you don't end up using it for a little while. Having the extra money will help you to afford a cosmetic upgrade you might want to make later, or pay for an emergency fix you didn't see coming that is significant but not large enough to claim on insurance. 

The Importance of Keeping a Maintenance Log

In addition to budgeting and saving for home repairs on your Columbus home, it is also a smart idea to keep a log of the maintenance on your home and how much you paid. This will help you to know when you should expect to need to make a repair again and how much it costs to help you better allocate the money. 

If you decide to sell your Columbus home someday it will also be a beneficial asset to show buyers how the home was cared for while you owned it. It will help them to get an idea of the condition of the home and what they might need to expect for maintenance costs when they take over homeownership. Being able to communicate that the roof or water heater is almost brand new is something that appeals to buyers. Knowing that they won't have to invest in a major home repair for some time. 

The cost of buying a home is much more than just purchasing the home and legally taking possession. Just like with the purchase of a car or a family pet. Large purchases will require care and upkeep and these items will cost money. Having a plan in place to afford these costs will help homeownership feel less stressful.  A well-cared-for home will also sell more easily, especially when you can communicate the care you took of the home. 

For more information on buying or selling a home in Columbus please contact me. I have extensive knowledge and experience in many aspects of Columbus real estate including purchasing a home you can truly afford. For more information on available homes in Columbus contact me anytime. 

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