Expenses Custom Homeowners Should Anticipate
Owning a custom home comes with a range of expenses that go beyond your monthly mortgage payment. At Caliber Construction, we want our homeowners to know what to expect so that their transition into living in their dream home goes as smoothly as possible. Which is why we wanted to breakdown nine essential costs that every custom homeowner should anticipate.
Monthly Mortgage Payment
Naturally, unless you've paid for your custom home in cash, you'll have a monthly mortgage payment until the home loan is fully repaid.
Homeowner's Insurance
This is a requirement from banks and mortgage companies during the loan process. Even if you've purchased your home outright, homeowner's insurance is a crucial investment to safeguard your property and its value.
Utilities
Your monthly utility bills cover essential services that keep your home habitable, such as electricity, water, sewer, and gas. Don’t forget to add these expenses to your monthly budget.
Lawn and Garden Expenses
Often overlooked, maintaining your lawn and garden involves ongoing expenses. You'll need to purchase materials and tools for DIY maintenance or consider hiring a lawn care service for upkeep.
Pest Control
Periodic pest control services are essential for keeping your home free from unwanted intruders. Scheduling a professional pest control visit every six months is a prudent investment.
Routine Home Maintenance
Regular home maintenance is necessary to preserve your property's condition and ensure the smooth operation of appliances and systems. Tasks include changing air filters, pressure washing the exterior, painting, cleaning gutters, and checking smoke detectors and carbon monoxide alarms.
Property Taxes
As a property owner, you'll face annual property tax expenses. These tax notices typically arrive in November, and paying them early can result in cost savings.
Cleaning Expenses
Whether you opt for a cleaning service or handle the chores yourself, cleaning costs are an ongoing aspect of homeownership that may be underestimated.
Emergency Repair Expenses
Life is unpredictable, and unexpected repair costs can arise. These may include repairing damages from accidents, like a neighbor's mishap, or addressing issues like roof leaks or hurricane damage. Being prepared for such emergency repairs is prudent when you own a home.
Owning a custom home is a rewarding experience, but it's crucial to anticipate and budget for these additional expenses to maintain the value and integrity of your investment. When you work with our Caliber team, we walk you through design and beyond. We are here for you and are happy to answer any questions you may have about building a custom home. We look forward to working with you!
By Caliber Construction 11-21-2023
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