The Real Deal About Budgeting – Atlantic Home Loans

By Tracie Close

The Real Deal About Budgeting for a Home

When buying a home, the mortgage application process often looms large in the financial focus, and as such, it can often swamp the other costs tied to owning a home. Signing on the dotted line for your home is an investment in your future, and the best way to make the most lucrative investment is to go into the process with all the information. We thought it might be prudent to line out the other costs of owning a home, so you can insure a financially stable future in your new space.

The Tax Man

Buying a home means paying property taxes that support local programs and are based on market value of your house. Each municipality has its own tax calculations, so when you begin seeking out the potential locations of your new domicile, read up on the county, state or municipality pages to learn the taxes you can expect to pay for your home and land. The final number will be determined at the time of sale by the tax assessor and will be added to your mortgage payments.


A lot of rental scenarios cover a portion of utilities, heat, air conditioning or sometimes the water bill, for example. When you buy a house, you are responsible for all utilities, from your power, your water, your hearing and cooling, and need to factor them into your monthly budget to ensure a comfortable space.

Maintenance and Appliances

Your home is full of appliances that have a shelf life, washers, dryers, stoves, refrigerators, garbage disposals, water heaters not to mention other tools like toilets, showers, faucets and electrical outlets. Keeping a monthly budget for home maintenance keeps you safe in your space and your risks of accidents low. The amount of maintenance you’ll need to budget for will vary but a few factors to consider are the age of your home and your appliances, the size of your family and the demand you put to any of these tools.

A home is an investment. It’s not a one-time cost, it’s one that will continue to change over the life of your home. Enter home ownership with an awareness of the extended costs ensures you plan your life to extend the life of your home and safety of your family for years to come.

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