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%.