Mortgage Payment Isn't the Only Cost of Home Ownership to Consider

After purchasing a new home, many first-time home owners in the Atlanta area and around the country are surprised by unexpected home expenses that they had not considered. While most new homeowners are aware of what their mortgage payment, initial taxes, insurance, and mortgage insurance payment (if any) will be before they finalize the purchase of a new home, they may not consider other expenses that often present themselves in the first year of home ownership. Some utilities, for example, are often covered as part of a monthly rental payment, but a new home owner will be responsible for paying all of the utilities at his or her new residence. New home owners also typically buy at least some new furniture during the first year of home ownership, either to utilize additional space, such as an extra bedroom, that they didn't have before, or as an upgrade to suit the style and decor of their new surroundings. New home owners also often neglect to consider the annual cost of maintenance on heating and air systems and appliances; monthly or annual homeowner's association fees; and repair or replacement costs on various systems throughout the new home, such as hot water tanks, etc.

Due to these factors, owning a home is usually more expensive than renting. Home owners, however, benefit from a fixed monthly payment for up to 30 years, while renters face increases every year. In addition, homeowners enjoy tax benefits from owning a home and build equity in their property through the years.

Ready to buy a new home or refinance in metro Atlanta or anywhere else in the state of Georgia? Contact Peachtree Mortgage Services, Inc. at peachmtg@bellsouth.net to discuss our low home mortgage interest rates.


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.