Yearly Expenses That Come with Being a Homeowner
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Today we’re going full on adulting and talking about the expenses that you don’t foresee when buying a house that are annual, ongoing expenses. Me being a naive 24 year old buying her first house, I didn’t know about a lot of the expenses that I would have to pay yearly. I’m not talking about something breaking, but things like pest control, insurances, stuff like that, that you need to factor in when budgeting for a house.
Terminix
Most every house you buy has to have a termite bond on it to be able to sell it. When I bought my house there was a termite bond on it, but I didn’t renew it because I was caught off guard about it and thought, I’ll deal with it later. A termite bond is expensive though, and then you have to pay $300-$500 a year to keep your bond active. This is a pretty chunky expense if you let your bond expire you’ll have to pay double that just to get it active, so when you buy a house make sure you get all the information on what termite company they were using and when to renew the bond to keep it active.
Pest Control
I don’t know about you guys, but I hate bugs. Once I started see cockroaches, ants around my sink, I called pest control asap and got coverage for it. They come out about 4 times a year and spray to keep the bugs away. Coverage also includes being able to call them anytime you see a bug problem and they will set up traps come spray inside, whatever you need. Basically they will come out as many times as you need them to under your contract. I pay $30 a month for this service.
Lawn Maintenance
If your like me and got brand new sod put in and want to keep it fertilized and treated, you’ll need to have someone come fertilize and treat the yard every so often to keep it healthy. My yard is pretty small, but I believe I pay about $40 a treatment every few months.
Private Mortgage Insurance
This is an insurance that is built into the loan if you put down less than 20%. Just make sure you get a loan that allows this to be taken off once you hit 20% or else you’re just paying extra money on your mortgage for no reason.
Homeowner’s Insurance
This is also built into the loan, but I encourage everyone to shop around for new insurances every year. I got a lower insurance rate with more coverage just by switching it and researching better companies. The homeowners insurance you get when you sign the loan doesn’t have to be the one you keep forever, just make sure you switch around the renewal time. Plus if you find something cheaper it’s going to make your mortgage cheaper which is a win win!
Annual Gutter Cleaning
Gutters need to be cleaned every year. Now you can get up on your roof and do it yourself if you want, but if that’s too scary, you need them cleaned to avoid build up and then water not running off. If the water isn’t draining properly it can cause roof leak problems. I had my handyman clean them, but I think the going rate is $1-2 per square foot of drain.
Some of these things like lawn maintenance and pest control you can buy yourself and treat it, but a lot of times those products are pretty expensive, and it’s nice not to worry about it and know it’s getting treated regularly. I know I can even remember to take medication on time haha. All that to say, it’s helpful to remember all these expenses come into play and it’s not just paying a mortgage
