Forget to Factor in These Extra Costs of Owning
a Pocono Home
for the mortgage isn't the only expense that you
will need to consider when you are buying a Poconos
home. There are many other costs that you will
have to think about and these can come as a shock
if you haven't planned ahead for them. Some very
enthusiastic first-time homeowners will gloss
over these costs and later find out that their
budget and paycheck is overwhelmed.
are a few of the costs that you should consider
when you are becoming a homeowner for the first
a home purchase is complete, you will have a whole
new series of additional costs concerned with
moving into your new home. You
might be able to ask your friends for a favor,
but you may have to spend thousands on a moving
company to get all of your things to your new
home. You will also have to pay for gas to drive
back and forth to your new home during the purchase
and move in process and perhaps also cover the
cost of a hotel stay on the way if you are moving
across the country.
amount of real estate taxes that you pay will
vary depending on the state that you live in.
In Pennsylvania taxes are generally in the 2.5%
to 3% of value per year range. In the Poconos,
it will depend upon the county or school district
in which you are buying, with those counties and
districts further away from the Delaware Water
Gap being the lowest cost.
forget that you will also need to pay for your
heating costs in winter, air conditioning in summer
and your lights and Internet all year round. Your
utilities can really add up,
so if you don't factor them into your budget you
will be in for a surprise. Electric rates in PA
can be shopped for and tend to be lower than those
in NY or NJ... so many people choose to heat by
electric. Though most have a back up of propane,
wood or wood pellets for the coldest part of the
will also need to factor in the costs of repairing
your home, such as when an appliance needs to
be replaced or something needs fixing. A general
rule of thumb is that every homeowner should budget
at least 1% of the purchase value of the home
to cover remodeling and home maintenance.
don't forget about landscaping and lawn care.
If you pay a landscaping company to take care
of your property it could cost around $30-$50
per week. If you do it yourself
the costs will be lower, but you will need to
pay for the equipment and supplies and spend a
lot of your valuable time.
good thing about purchasing in the Poconos is
that there are neighborhoods where maintenance
is included in your monthly community fees. Places
Crystal Park In East Stroudsburg
and a few other include some or all of the exterior
maintenance in their monthly fees.
shopping for a home it is important you be prepared
with proof of ability to buy. This may include
either a bank statement (if paying cash) or a
pre qualification letter from a mortgage lender
(usually, a bank.) Pre qualification statements
can easily be obtained from most lender
mortgage departments over the phone or with
a quick visit.
you are considering your budget for home ownership,
you will also need to factor in the amount that
you will pay in mortgage interest over the duration
of the home loan. The interest rate on your mortgage
will of course change over time, depending on
the mortgage that you select.
are just a few of the extra expenses that homeowners
need to factor into their budget when buying a
Poconos area home. If you have any more questions
about home ownership, call us at 570-517-2428
or e-mail us at email@example.com.