Budgeting Tips for Owning a Home!

Owning a home certainly means making monthly mortgage payments, BUT that’s definitely not the end of it! Soon-to-be homeowners might be surprised by how many expenses are actually involved with owning a house. Here are a few tips that ALL Soon-To-Be Homeowners should keep in mind BEFORE purchasing a house.

Monthly Living Expenses: Your monthly mortgage payment includes payments towards your principal and interest on the mortgage as well as your real estate property taxes and your homeowner’s insurance. Of course, there will be the necessary utilities that include electricity and water/sewer charges. Don’t forget about exterior maintenance expenditures to include, but not limited to, pool service, lawn and landscaping service, pest/bug service, trash pickup, internet and phone service, to name a few. Lastly, if you reside within a community with a homeowner’s association, you’ll most likely also be responsible to pay mandatory HOA dues.

Home Repairs: When something breaks or stops working in your home, you can’t just call the landlord anymore! It’s always best to address any maintenance problems or component breakdowns as they occur so they don’t morph into bigger problems if left unrepaired. Planning for the unexpected and setting aside at least $1,000 a year for maintenance repairs makes good budgeting sense.

Major Capital Improvements: Think ahead about when you’ll want to remodel your kitchen/ baths or discover that you need to install a new roof or HVAC system. Based on the age of your home, experts suggest putting away somewhere between 1-4% of the purchase price of your home each year. Keep in mind that these major improvements will surely add to the value of your long-term investment!

Of course, based on individual circumstances, new homeowners would also have to include other budget categories to include, but not limited to the following: personal emergency fund, healthcare, consumer debt, food/groceries, savings, child-care, entertainment, etc.

Looking for answers to your mortgage questions? Be sure to contact Maria Pienkos, Mortgage Loan Originator, NMLS #659684, with Patriot Lending Services Inc., located in Spring Hill FL, for all your mortgage needs. Maria can be reached anytime at (352) 573-0005.

We hope you found this post to be helpful, informative and interesting…

Thinking of BUYING OR SELLING a home in the Spring Hill, Brooksville, Weeki Wachee or the Hernando Beach areas of Hernando County, Florida? If you’re new to the area, be sure to see what Hernando County has to offer you and your family! In the meantime, visit to explore our state-of-the-art MLS Map Search Feature where BUYERS can SEARCH MLS listings and SELLERS can SEE what their competition is doing!

Until then… it’s all about YOU!

About Gail Spada

Gail Spada’s real estate career began in 1990 and it didn’t take long for Gail to discover her love for the industry. In 2001, she began her real estate sales profession with Century 21 Alliance Realty in Spring Hill, FL. Gail has worked diligently to stay on top of her game. She is a Florida Licensed REALTOR® and has earned the following designations/certifications to include: GRI (Graduate Realtor Institute), ePRO (Internet Savvy Real Estate Specialist), AHWD (At Home With Diversity – One American) and SFR. It is that well-rounded training and experience, coupled with her intimate knowledge of the Hernando County real estate market, that enables Gail to deliver results to her customers.