Comments on: Hidden Costs of Owning a Home http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html A single woman on a mission to become healthy & wealthy. Sat, 13 Mar 2010 17:44:51 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: B Smith http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html/comment-page-1#comment-11971 B Smith Sun, 13 Apr 2008 19:28:42 +0000 http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html#comment-11971 Great post. I do have one hidden cost that most people overlook...your time. For most of us, time is our most valued resource. People need to keep in mind how much will be spent with ownership vs. renting. There is a great deal of satisfaction that comes with home ownership, but it comes at a cost. You spend a ton of time on maintenance and improvement. Even if you have someone else do the work it still takes time to supervise and arrange the labor. Your time for paying bills goes up. You need to spend more time on insurance. What about disputing the value that your local taxing authority has you appraised at? I keep an hourly rate for my time in my head. That way I can "monetize" my labor cost. Depending on your profession, that could be anywhere from $5/hr to $250/hr. Great post. I do have one hidden cost that most people overlook…your time. For most of us, time is our most valued resource. People need to keep in mind how much will be spent with ownership vs. renting.

There is a great deal of satisfaction that comes with home ownership, but it comes at a cost. You spend a ton of time on maintenance and improvement. Even if you have someone else do the work it still takes time to supervise and arrange the labor. Your time for paying bills goes up. You need to spend more time on insurance. What about disputing the value that your local taxing authority has you appraised at?

I keep an hourly rate for my time in my head. That way I can “monetize” my labor cost. Depending on your profession, that could be anywhere from $5/hr to $250/hr.

]]> By: Weekend Reading: April 13, 2008 | Moolanomy http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html/comment-page-1#comment-11943 Weekend Reading: April 13, 2008 | Moolanomy Sun, 13 Apr 2008 13:00:57 +0000 http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html#comment-11943 [...] Fabulous Financials lists hidden costs of owning a home. [...] [...] Fabulous Financials lists hidden costs of owning a home. [...]

]]> By: sarah http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html/comment-page-1#comment-8500 sarah Tue, 12 Feb 2008 02:25:28 +0000 http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html#comment-8500 Other costs not related to actually buying, but will cost you while you own the house are heating/cooling costs, water bills and electricity - our electricity bills were HUGE the first year we moved in, as we ran electric heaters (no air con installed, and i don't want to install it now anyway), and with an open plan house it was really expensive - we've since insulated the ceiling, and it has made a significant difference to the temperature. (we're in summer at the moment - so not sure what saving winter will bring) The other cost that went up was our water bills, watering the garden can cost a fair amount of money too! Always check for termites/white ants - here in sydney, if you don't catch them early they'll cost you your house, literally! Other costs not related to actually buying, but will cost you while you own the house are heating/cooling costs, water bills and electricity – our electricity bills were HUGE the first year we moved in, as we ran electric heaters (no air con installed, and i don’t want to install it now anyway), and with an open plan house it was really expensive – we’ve since insulated the ceiling, and it has made a significant difference to the temperature. (we’re in summer at the moment – so not sure what saving winter will bring)
The other cost that went up was our water bills, watering the garden can cost a fair amount of money too!

Always check for termites/white ants – here in sydney, if you don’t catch them early they’ll cost you your house, literally!

]]> By: Fabulous Financials v2.0 » Top 5 Fab Picks of the Week - Remixed http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html/comment-page-1#comment-8419 Fabulous Financials v2.0 » Top 5 Fab Picks of the Week - Remixed Sat, 09 Feb 2008 22:50:09 +0000 http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html#comment-8419 [...] Single Ma’s Fabulous Remix: Hidden Costs of Owning a Home [...] [...] Single Ma’s Fabulous Remix: Hidden Costs of Owning a Home [...]

]]> By: Constance http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html/comment-page-1#comment-8280 Constance Fri, 08 Feb 2008 14:56:39 +0000 http://fabulousfinancials.com/2008/02/hidden-costs-of-owning-a-home.html#comment-8280 If I could start all over again I would have set aside between $100 and $200 every month for home repairs into a savings account. If I could start all over again I would have set aside between $100 and $200 every month for home repairs into a savings account.

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