7 Ways A Home Keeps You Broke

It’s hard to imagine that owning your own home can be a financial inconvenience. After all, a home is where you have your peace of mind, build your family, and make further plans for your life. However, owning a home doesn’t come without cost even if you inherited it. There are so many costs attached to it, and you may be ignorant of how much it’s taking out of your pocket on a monthly or yearly basis. So what are these costs? Keep reading and I will share with you seven costs of a home that can keep you broke!

Number 1: Upfront Costs

As we know, the buying process of a home can be long and tedious. What many people don’t know is that the cost of the home itself goes beyond the price tag.

If you’re a first time homeowner, then it is important to calculate the total amount it will cost you to finalize the entire process. The first cost are appraisal fees. You will want to know how much the house is worth prior to bidding and if you want an appraisal, it will cost you as much as $500.

The second expenditure is earnest money otherwise known as your deposit and this ranges between 1% and 3% of the selling price of the home. It is paid upon acceptance of the seller and will ultimately go towards the down payment on the home. Finally, there are the inspection fees. You want to ensure the house is in good…