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Greg Lesko On The Costs Of Home Ownership

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Bryanna: Home ownership is still the American dream, but there’s more to it than just a down payment and a mortgage, according to Greg Lesko of Lesko Financial. Greg…  

Greg: Thanks… If you’ve saved up a healthy down payment and qualify for a mortgage—congratulations. You may be ready to join the ranks of others who have dreamed of owning their own home and made it a reality. But before you start packing, it’s a good idea to be aware of the real costs of home ownership and factor those into the equation. First, are the closing costs, which often run about 3 to 5% of the value of your loan. You should also consider the cost of homeowners insurance, mortgage insurance and any home association fees. And don’t forget to calculate what you’ll pay each year in property taxes.

Bryanna: What are some of the less obvious costs of home ownership?  

Greg: Utilities, of course. Also, yard care, maintenance on items such as water heaters, the furnace and other appliances. Also, maintenance and repair on the roof, plumbing and general upkeep. And there’s the cost of upgrades and renovations — especially if you plan to stay in the home for a long period of time. 

Bryanna:  Thank you, Greg Lesko of Lesko financial