February 23, 2017 1:57 pm

The Cost of Home Ownership

Owning a house is one of the most beautiful and cherishing memories of a person’s life. It usually comes after years of hard work and sacrifice. Once you get your own house, all the troubles and conflicts seemingly go away.

However, buying a house is just the beginning and many hurdles follow it. There are many costs associated with owning a house of your own and must be taken account in a controlled and formal financial manner.

This article lists and explains some of the costs that are a package deal with owning a house. The list of the costs of home ownership is as follows.

  • Insurance: Home insurance in this day and age is necessary to ensure the safety and integrity of the house. One of the most important things one can insure the house from is fires, theft, and natural disasters like floods and hurricanes. This enables one to live in peace and be sure that they are covered if an unfortunate situation or scenario arises.
  • Pest Control: Controlling the hazardous damage spread by pests is also a cost that should be taken into account. This is so because these pests have the capability to damage expensive equipment and furniture within the house which only adds to the cost of home ownership. Monthly inspections and spraying can go a long way in saving your home from irreversible damage.
  • Taxes: As they say, in life two things are certain: death and taxes. Hence, with house ownership comes taxes which have to be paid regardless. But one can always look at deals and promotions that enable them to cut taxes down to a certain limit.
  • DIY: DIY costs are one of the most common costs that have to be dealt with when owning a house. Examples of DIY include fixing faulty pipelines, setting up furniture, and other costs associated with making the appearance of the house as aesthetic as possible.lawn photo
  • Lawn: The lawn is one of the first things you and visitors will see when entering the premises of a house. It should be maintained and be kept in pristine condition at all times, and some neighborhoods are stricter than others. The lawn has the capability to make a good impression for any and all visitors that grace the house with their presence. Thus, you will feel inclined to spend money here.
  • Appearance: The overall appearance of the house should be checked and kept in balance through regular intervals and time periods. The paint and possible event of rust should be dealt with as soon as possible to make the house as you want it to be. Additional charges can be for new paving and renovation projects.
  • Wiring and Technology Expenses: The wiring of items such as phones, the internet, kitchen equipment, electronics, and TV should be done in a safe manner. Failure to do may result in catastrophic consequences. Plus, you can expect the cable and Internet bill to climb (especially as your family gets bigger and requires larger plans).

    tv room photo

    Photo by N8tr0n

  • Air Conditioning and Maintenance: Air conditioning and overall maintenance are also highly encouraged and one of the most important costs of home ownership.

In conclusion, home ownership is considered a thing to be proud of in many societies and countries but they come with a set cost. In order to maintain the beauty and integrity of the house for the long term, one must not neglect these costs and make sure all things are sustained in order to avoid further costs down the line.