Sunday, February 25, 2024
CEOWORLD magazine - Latest - CEO Advisory - Hidden Costs of Homeownership you should know

CEO Advisory

Hidden Costs of Homeownership you should know

luxury house

The real estate bazaar is an attractive marketplace for opportunities. It has been a traditional favorite and necessary investment, as it brings along physical and emotional security. Homeownership, very naturally so, is a dream of most people out there. To have a place to go back to or use to improve financial health is integral. That being said, dreams do not turn into reality with the swish of a wand. Rather, it takes courage, determination, and financial stability (and a consistent one, honestly) to own and maintain a house. Today, we shall focus on the part that comes post-purchase.

Even after you have worked up a budget and booked a place, there is more to come. In fact, the true costs of homeownership involve more than the purchase amount and the brokerage amount. Only after considering these hidden costs of homeownership should you go ahead with the house purchase. What are those hidden costs? Well, I have listed 5 of them here.

  1. Moving into the property
    God bless movers and packers! They come with quick fixes to the mess scattered around the house and assist in efficient packaging and transportation of your personal belongings. But, do they come cheap? No. Of course, not! To hire these professionals along with their logistical support, you will have to expend quite a sum. The cost will vary depending on a range of factors including the number of belongings, distance covered, and the season. Even if you don’t hire professional help and only rent a truck for the same, the amount spent is nothing to sneeze at.
  2. Insurance, yes!
    A ‘must-do’ item on the list is home insurance. If you wish to protect your house from untoward accidents, then you must purchase a good house insurance policy that provides substantial coverage for all major accidents that may occur in your house. Purchasing insurance means that a certain sum will be debited from your account regularly towards the payment of premiums; and for a house, the premium is quite a lot. That being said, it will eventually help you prevent financial loss in case of emergencies.
  3. Utilities
    Another category of items that require a regular outflow of money is utilities. You cannot live in a house in absence of utilities that facilitate a decent and hygienic lifestyle. These utilities include electricity, water bill, sewer treatment bills, gas, internet, and whatnot. You need these to ably function as a modern human in the 21st century. To avoid late payments, you should make it a habit to earmark the necessary sum every month and set it aside. These bills aren’t an option for you!
  4. Property Tax
    Owning an asset as big as a house necessitates payment of tax to the government. Towards the house, you will have to pay property tax or housing tax. Generally, such a tax is paid annually and its amount ranges based on a number of factors; these factors include the location and the specs of the house. In order to get a clear idea of how the tax can be paid, you should look up the government regulations and act accordingly.
  5. To deck out the house
    Aesthetics are important. Whatever your definition of aesthetics may be, you will want to decorate your house. I am not referring to fancy, customized decoration. No, just the ones you will inevitably end up doing. To embellish your house with some life, you will need furniture, lights, beddings, curtains, kitchenware, electronics such as a refrigerator, and whatnot. A furnished house needs a significant investment of money. And while these investments are generally long-term, whenever they are made a lot of money goes out for the same.

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CEOWORLD magazine - Latest - CEO Advisory - Hidden Costs of Homeownership you should know
Ayushi Kushwaha
Ayushi Kushwaha, Staff Writer for the CEOWORLD magazine. She’s spent more than a decade working for various magazines, newspapers, and digital publications and is now a Staff Writer at The CEOWORLD magazine. She writes news stories and executive profiles for the magazine’s print and online editions. Obsessed with unlocking high-impact choices to accelerate meaningful progress, she helps individuals and organizations stand out and get noticed. She can be reached on email