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This chapter explores the often overlooked expenses associated with owning a home, beyond the mortgage payment. It covers HOA fees, utilities, lawn care, maintenance, repairs, property taxes, homeowner's insurance, and PMI. It emphasizes the importance of considering these costs before purchasing a home and highlights the benefits of renting while saving for a down payment.
- 75.5 million Americans live in HOA communities.
- Average monthly HOA fee is $170.
- Utilities can be a significant expense, especially when upsizing.
- Lawn care can cost $40-$200 per visit.
- Home maintenance should be budgeted for.
- Property taxes and homeowner's insurance continue even after the mortgage is paid.
- PMI is required for down payments under 20% on conventional loans.
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