EXPENSES YOU MAY HAVE TO BUDGET FOR THAT YOU MAY NOT HAVE ANTICIPATED

Driving down your block do you say to yourself, “I can buy two of my houses now that I could only buy one of before”, having seen the real estate market tank to its lowest level in decades?  You may be missing the entire picture.  True, you may have initially bought your first home as an investment, but now the complications in the market, due to lack of financing options, rising interest rates and an unstable job market have made buying two houses virtually impossible for the average American.

RISING COSTS OF HOME OWNERSHIP

  • Property Taxes on the Rise: Counties are hurting, financially, so they are eager to raise property taxes.  Here’s the catch-22: if you want to refinance to get a better rate you will have to have an appraisal.  But if you then try to appeal your property taxes you will probably be forced to show proof of any home appraisal performed within the past three years.
  • Utilities More Expensive and Continually Going Up: It is becoming more expensive to use regular water, electricity, cable and gas.   Most of these bills won’t come down unless you drastically change your lifestyle.
  • Closing Costs Have Gone Up: In general, closing costs are going up, so refinancing will have an added cost, maybe not anticipated.
  • More Difficult to Get a 2nd Mortgage Now: Banks are less willing to take on risks now, even with their best customers.  If you can’t squeeze into one mortgage, skip the next purchase.
  • Furnishing a House is No Small Task: The cost of manufacturing furniture has risen in the past few years, and shipping prices have gone up.  Though there are more quality resources available to the public, prices of interior home construction and furnishings is on the rise.  The most expensive part of home ownership right now is inside the home.  The repairs, and if you have an old house, the modernizing that needs to get done every few years.

Related posts:

  1. Under the Influence of the Mortgage Experts? Know the Facts about Mortgage Shopping Before Shopping Homes
  2. Have You Picked the Wrong Travel Company? Reap Big Rewards with a Corporate Travel Agent Right Now to Take Advantage of Luxury Trip Deals
  3. ABC 7 Chicago — Avoiding Mortgage Fraud
  4. Car Rental Companies not Honoring their Contracts? What You Need to Know when Renting a Car
  5. Americans’ Fascination with Miele and Bosch Appliances, and Are They Worth the Hefty Pricetag?