Many of us have had the same thought when considering the move from apartment life to purchasing our first home: “The mortgage payment would be the same/cheaper than my rent!”
Although on paper that may be correct, there are several other costs that come with being a homeowner that may not be so obvious. So, how much house can you actually afford?
Here are some of the hidden costs of homeownership that you should consider when deciding on a budget for your first home.
The concept of paying for utilities probably isn’t new, since you most likely had to budget for that in addition to rent. However, the cost of heating and cooling a small apartment versus a larger home can be a significant jump. Go ahead and factor in this…