The Cost of Owning a Home


This is a great list of ALL of the costs that are associated with home ownership.  Buyers get qualified for a mortgage, but they must also think about the many other expenses involved in owning a home.

Via Stephanie Reynolds RealtorĀ® East County San Diego Homes 619-838-4408 (, REALTOR, GRI, ePro, SRES ):

The Cost of Owning a Home

In looking at the cost of owning a home, your lender is going to have a different perspective of that cost than reality. Your lender will provide the cost of principal, interest, taxes and insurance (PITI) which is the payment on the loan, payment of property taxes and the different types insurance. (Property insurance and mortgage insurance) But there are additional costs you will want to consider when determining the actual cost of home ownership.

Some of the costs you will want to take into consideration are the costs of utilities. You may have been paying some of these in the place you are renting, however, some of the costs may have been taken care of by the landlord. Additionally, if you are purchasing a larger home than what you are currently living in, the costs for utilities will increase.

  • Water/sewer
  • Trash
  • Gas
  • Electricity
  • Phone
  • Cable

Owning a home also brings the cost of maintaining that home. If something breaks or needs repair, you can’t call the landlord anymore! You have to fix it! Some of those items are not things you can put off like fixing the broken pipe under the sink or replacing the busted water heater. It is advisable to factor in a dollar amount for maintenance in the monthly budget and put it away for that rainy day when the roof leaks!

There will also be the costs of maintaining the appliances, furnaces, air conditioners, fireplaces, pool maintenance, landscaping….there is always something! I swear we just had our palm trees cut! It seems like just yesterday! Now they need it again. If they weren’t so big, my husband could do it himself, but since some of them are over three stories tall, we have to bring in the tree trimmer! It is costs like these you need to factor in when purchasing a home.

There are many benefits to home ownership. It will be your castle, your retreat, the best place to be. But factoring additional costs into the equation when determining what it is you can afford will help you determine the actual cost of owning a home!

Making the Home of Your Dreams A Reality. As your Agent of Possibility it is my intent to make your home buying or selling process a smooth one!

Please feel free to Subscribe to All Possibilities Throughout San Diego or contact me at 619-838-4408. 


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About susanmorrison

After living in Walpole, MA for many years, our family was transferred to the west coast when I was a senior in high school. In 1983, I graduated from Mission San Jose High School in Fremont, California. I am also a 1987 graduate of Providence College with a major in liberal arts and a minor in business administration. I bring to the table many years of sales experience beginning with thirteen years in Corporate Sales at Delta Air Lines. I'm the mother of three children and I'm very active within the Franklin, MA community. I am also a cancer survivor and support the American Cancer Society Charities.

My husband and I have built five homes and I've lived in a variety of other locations including Toronto Canada, Irving Texas and my current home in Franklin, MA. As a result of all my moving around, I came to the conclusion that I was an expert at moving...why not become an expert on the other side of the table? I earned my real estate license in 2004 and believe that I have found my true niche'. I can empathize with my clients on a variety of levels; whether they are buying or selling. And, like so many other good realtors out there, I believe that possessing good communication skills is one of the many keys to success.

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