Mortgage payments may be expensive, but the cost of owning and maintaining a home can be nearly as high. Here's what to know.
The hidden costs of homeownership add up to an average $18,118 annually, or $1,510 a month, according to a new report by Bankrate.com.
"Because of the lack of building, we know that homes that are being purchased are older," said Jessica Lautz, deputy chief economist at the National Association of Realtors. First-time homebuyers especially don't realize the true cost of maintenance and repairs because such expenses are "part of the learning process of becoming a homeowner," Ostrowski said.A mistake, however, is spending your entire reserve of savings for the down payment and ending up "house poor," Ostrowski said.
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