Before you buy Springfield, MO real estate, your realtor can help make sure you’re aware of the additional costs.
If you’ve never owned a home before, you may not be aware of all the financial responsibilities you will have. Home ownership comes with a few hidden costs, outside of just paying your mortgage payment.
Here at Southwest Missouri Realty, we want to make sure you’re not caught unprepared for these realities of homeownership. Below are a few of the major hidden costs associated with owning a home. Take some time to review them and talk to your realtor about the details of your own home search!
Everyone who owns Springfield, MO real estate is required to pay property taxes. The amount of due taxes is determined based on a number of factors, including the assessed value of your home and the tax rate of your region or geographic area. Fortunately, homeowners also get tax benefits and deductions for owning a home! So make sure you talk to your Springfield, MO realtor to find out which deductions you may qualify for.
Unlike rental properties, when you buy Springfield, MO real estate, you are solely responsible for ongoing maintenance. This includes everything from lawn care and landscaping to pest control, DIY home improvement projects and repairs. Adequately taking care of a home takes both time and money, but with careful budgeting and smart investments, you can end up increasing the value of your property and making money off of your sale when you move out.
Utilities & Trash
As a homeowner, you’ll also be responsible for all your utility expenses and a trash removal service. If you’re accustomed to renting an apartment or condo, your utilities and trash may have previously been covered by your landlord.
If you’re selling a home, an inspection is required, but if you’re buying Springfield, MO real estate it is not. A good realtor will encourage you to hire an independent inspector to make sure everything is in working order, the foundation is in good shape and there are no major repairs the seller should make before you buy the home. Although a home inspection is an additional cost to the buyer, it is a very important aspect of the home buying process and should not be avoided.
Although homeowners insurance is not legally required, like car insurance, you would be wise to invest in it. Especially if you live in an area that is prone to natural disasters like floods, hurricanes or tornadoes. There are a number of different homeowners insurance policies to choose from and they range in price, so make sure to talk to your realtor about your options for your Springfield, MO real estate.
Find Springfield, MO Real Estate with Southwest Missouri Realty
If you’re on the hunt for a new home, you shouldn’t let these extra expenses intimidate you. Consult with a realtor at Southwest Missouri Realty and let us help you navigate the ins and outs of home shopping. We have an extensive selection of Springfield, MO real estate listings and we are waiting and ready to help you find your dream home. Contact us today for more information or to get started on your house search.