Besides the monthly mortgage payments that home owners are responsible for, there are additional costs to home ownership:

  • Condos and co-ops have a monthly common charge to cover building maintenance, staff salaries, and reserve funds.
  • With single family home ownership, it helps to maintain an emergency fund to pay for maintenance and repairs of the home.
  • Making the transition from renter to homeowner, paying property taxes become another responsibility.
  • Homeowners insurance. Some condominiums may require an umbrella policy in addition to homeowners insurance.
  • Private mortgage insurance if the down payment is less than 20%.
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