The Cost of Home Ownership
Posted by Carlie Berke, CDFA®
April 13, 2023
When I am working with clients going through a divorce, I often deal with issues related to the marital home and the implications of doing so. Often clients believe keeping the home is less expensive than renting.
However, they most often compare their mortgage to rent and neglect to include expenses such as property taxes, insurance, HOA fees, annual maintenance and deferred maintenance reserves in their analysis. While they may have fixed rate mortgages at historically low rates, the other expenses rise over time due to inflation and they have risen quite of bit recently.
I have attached an article by Mike Winters titled “90% of Homeowners Didn’t Realize How Expensive it Would Be”.
When considering home ownership, it is important for people to be realistic and fully aware of the total costs of home ownership.
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