How Much Will it Cost to Own and Maintain a Home? By Joe Szabo, Scottsdale Real Estate Team

By Joe Szabo, Scottsdale Real Estate Team

In the movie The Money Pit, the homeowner, played by Tom Hanks, throws much of his life savings into renovating his new home.  Maintaining a home can feel much the same way.  Calculating the cost of home ownership appears easy at first.  After all, if you can afford the mortgage, insurance, and real estate taxes you can afford it, right?  Unfortunately that is not always the case.  Some costs of home ownership can lighten your wallet or break the bank.  Calculating these costs can be difficult as there are the fixed costs such as the mortgage payment and taxes and semi-fixed costs such as utilities, and then there are the variables which include repair and maintenance of the interior and exterior of the home and landscaping and maintenance.  These costs can vary greatly. The extent of repairs needed and their cost will vary with the condition the house is in when you buy it.  Utility bills can vary based on the season and usage.

In order to avoid breaking the bank it is a good idea to save up at least 6 months of expenses so that if a major repair is needed you have the funds available. Don’t let your house become the “money pit”.

The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo.  Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020         480.688.2020 or visit www.scottsdalerealestateteam.com for more information.