You shouldn’t be surprised to learn that buying a home will cost you a big chunk of money. The median price of existing homes in the United States reached nearly $189,000 in 2014 and averaged about $240,000 in August 2016. Considering that most lenders require at least 10 percent as a down payment, you’ll need to save more than $18,000 before you can consider purchasing your first home.
Many people, however, don’t realize that owning a house involves costs. They might live with the illusion that they only need to pay their mortgages to live in their homes. Shortly after moving in, though, they discover that they have to pay for property tax, maintenance, and other expenses. Luckily, you can take steps to keep your household expenses as low as possible. Popular options include using less electricity and gas, shopping for cheaper home insurance rates, and keeping your appliances in good working condition.
Cutting expenses won’t protect you from expensive repairs, though. You will eventually have to pay someone to repair or service your HVAC system, roof, or foundation. After all, nothing lasts forever. You can learn more about protecting yourself from costly home repairs by delving into the following infographic, originally published by Senica Air Conditioning. The infographic covers the three most expensive home repairs, noting how much these repairs cost and offering tips about what you can do to prevent damage to your house. Using the information in this infographic, you can decide how much money you need to save so that you can control your household spending.