At one time or another, I am sure you have thought about the idea of being a home owner. There are so many cities and states to choose from. Some cities in Texas may be on the cheap side, while others such as Houston, may be more expensive.
When thinking of the idea of becoming a homeowner, a person may be thrilled. Being thrilled is one part of it, but on the other hand, there are many costs (up front and hidden) associated with owning a home. All costs need to be taken into consideration and analyzed before deciding on if this is the place to live.
Some of the costs associated with owning a home in this city are: inspections, (home and pest) insurance costs, appraisals, closing fees, property taxes, maintenance (including yard and repairs), and sometimes there may even be a Homeowners Association Fee or condo fee for certain properties.
- When it comes to home inspections, prices can range anywhere between $200 to $400. When it comes to pest inspections, they can range anywhere from $50 dollars to even thousands.
- Homeowners insurance can cost anywhere up to $2,000 a year.
- Appraisals can cost up to $400 dollars. The best part about is that it happens before you actually close (purchase) the house. Closing fees in Houston depend on the actual lender in which the money was borrowed from.
- Property taxes can be over $3,000 a year. Maintenance costs may vary depending oh what you need done. Yard work and home repairs are solely up to the home owner. The costs may vary based on the company that is used to make the repairs.
- Homeowner Association Fees are paid monthly depending upon the community. There is also the costs associated with mortgages. To give you more of a breakdown with the mortgages, monthly you would spend a little over $600.
There are other costs that need to be calculated and analyzed as well. Those costs include utilities and transportation. When deciding on buying a house, the best idea and advice would be to ask the seller for an estimate on how much is spent on utilities so that you can also factor that into your price and you won’t be left with any extra bills or unexpected bills.
Another good idea and or suggestion is to have a breakdown of what you are willing to and or are looking to spend. Above everything that has been mentioned before, the only way for you to know whether or not Houston living is for you, and by Houston living, I mean if becoming a homeowner in this area is right for you or not will be to do research. Once you have done the research, compare the amounts listed in the calculations and or budget you have created. If everything you have seen matches up with your expectations, then by all means make your move and take your chance and.. Enjoy being a Houston homewoner!