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Money Crashers
The True Cost of Homeownership Goes Far Beyond Your Mortgage Payment
Property taxes, homeowners insurance, HOA fees, maintenance, and repairs typically add 2-4% of the home’s value annually on top of principal and interest. A $400,000 home can cost $8,000-16,000 per year in ownership costs beyond the mortgage. Budget for all of it before you buy, not after your first major repair bill arrives.
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