馃攳
THE COST OF HOME OWNERSHIP | owning a home for the first time - YouTube
Channel: Well Balanced Wallet
[0]
how much does owning a home really cost
[3]
hi and welcome back i'm kamika and this
[6]
is web balance wallet where i help you
[7]
create healthy money habits and live a
[9]
life that you love on your current
[10]
budget today's video is going to be all
[13]
about the cost of home ownership my
[16]
husband and i purchased a home last year
[19]
may of 2020 so we've been in our home
[22]
for a little bit over a year now and
[24]
we're finally having to pay for a few
[27]
things for our home and start doing
[30]
little things for maintenance here or
[32]
there so i thought it would be fun to
[34]
make a series about the cost of home
[36]
ownership before we purchased our home
[38]
last year we did a lot of research and
[40]
one of the questions that i had and i'm
[42]
sure many of you may have is is home
[45]
ownership expensive and i know it's a
[47]
given that home ownership costs a good
[50]
amount of money but is it really
[52]
expensive or is it sustainable um so
[56]
while i was doing my research i never
[57]
found an answer to this question and now
[60]
that i am a homeowner i understand why
[62]
one of the reasons is that expensive is
[65]
going to vary from person to person so
[67]
expensive is not a good term to use when
[70]
you're trying to figure out the actual
[72]
cost of home ownership the other reason
[74]
is that you never know the full extent
[76]
of the expenses for your home until
[79]
you're actually living in your home and
[82]
things start to happen or you have to
[84]
start doing maintenance around your home
[86]
that's when you start to experience
[88]
having to pay for things and you get to
[90]
start figuring out the real cost of
[93]
actually owning your space so with that
[95]
being said we're going to bring you
[97]
along on the journey of home ownership
[99]
from the perspective of a first-time
[102]
homeowner let's get started so for this
[104]
series i'm going to keep a running list
[106]
of all the things that we pay for
[108]
that are considered part of home
[110]
ownership so that means anything that
[112]
comes up that we have to pay for any
[114]
maintenance that we are paying for or
[117]
that is required and also a few cosmetic
[120]
things as long as those things are going
[122]
to stay in the home in the case that we
[125]
sell so since this is the first video in
[127]
this series i feel like i need to bring
[129]
you guys up to speed with everything
[130]
that we've already paid so first up is
[133]
going to be a few initial costs that we
[134]
had to pay before we even purchased our
[136]
home um so first we have our earnest
[139]
money and earnest money can be anywhere
[142]
between five hundred to a thousand
[144]
dollars so for our home we paid five
[147]
hundred dollars for our earnest money
[149]
and that went to escrow um and you could
[152]
you are eligible to get that money back
[155]
at your closing or you can decide to
[157]
keep it in escrow next up are the
[160]
inspections that you should get before
[162]
you purchase a home now i know the
[164]
housing market is kind of crazy right
[166]
now and a lot of real estate agents and
[168]
sellers and buyers are talking about
[170]
skipping inspections and due diligence
[173]
before purchasing a home but i really
[175]
really really don't recommend that you
[177]
skip those things so
[178]
for our inspections for the home we paid
[181]
350 dollars and we had an inspector come
[185]
out and they inspected everything so
[187]
that's pretty much it for the things
[189]
that we paid for before we even
[191]
purchased our home so let's move on to
[193]
purchasing the home we live in georgia
[195]
so the housing market is going to be a
[197]
little bit different than it is in areas
[200]
like new york or
[202]
different high cost of living areas so
[204]
we were able to find a nice a three
[207]
bedroom three bathroom home 1800 square
[210]
feet and the total purchase price was
[213]
186 000 so that is the amount that we
[216]
agreed upon with our sellers and that's
[219]
the total price of our home but when you
[222]
purchase a home and you don't have money
[224]
to pay for your home in cash
[226]
you do have to get financing so my
[228]
husband and i were able to get a
[229]
conventional loan and we got this loan
[232]
with zero money down and we also do not
[235]
have private mortgage insurance now i
[238]
know that a zero down loan may not work
[240]
for everybody but for us it was a great
[242]
choice and we do not regret it so as you
[244]
know if you get any type of loan there
[246]
are going to be loan fees associated
[249]
with it so we had to pay 1.5
[252]
for our loan fees which was
[254]
three thousand two hundred and fifty
[256]
five dollars which made our total loan
[259]
price one hundred and eighty nine
[261]
thousand two hundred and fifty five
[262]
dollars so that is the total amount for
[265]
the purchase of our home okay so moving
[267]
on to actually moving into the house now
[270]
some of these things are cosmetic but
[273]
like i said if it's going to stay in the
[275]
house when we leave i am going to
[277]
include it in this series um so when we
[280]
got our keys and came to our home the
[281]
first thing that we did was we got one
[284]
of the bedrooms and one of the bathrooms
[286]
painted now at first we were going to do
[288]
it ourselves but we realized that
[290]
neither one of us had ever painted
[292]
a house before so
[295]
the painters came in and they charged us
[297]
600 to paint those two rooms so we paid
[300]
the 600 for the painting
[302]
and then
[304]
we had a mishap in one of the bathrooms
[307]
so we had to call a plumber with that
[310]
plumber we only had to pay 100
[313]
and that's because we have a warranty
[314]
with our home that our sellers purchase
[317]
and i'll talk about that shortly so we
[319]
paid a hundred dollars for a plumber and
[321]
then recently our sprinklers stopped
[324]
working and we realized that the breaker
[327]
on our irrigation system had been
[329]
tripping and we wanted to
[332]
make sure that everything was okay with
[334]
that so we had to call in a specialist
[336]
for our irrigation system and they were
[338]
able to fix the problem for 180 dollars
[341]
and 30
[343]
and don't worry it wasn't anything that
[345]
our inspector missed it had to do with a
[349]
rabbit that we have in our backyard that
[351]
we don't know where he came from but the
[353]
problem has been fixed so that's
[355]
everything that we've paid for
[357]
so far since we've been in the home and
[360]
there are a few more things that i want
[361]
to talk about before in this video they
[363]
kind of fall into the upkeep and
[366]
upgrades category um so let's talk about
[369]
the home warranty first so when we
[371]
purchased our house the sellers
[373]
purchased a home warranty for us that
[375]
included one year now that we've been in
[377]
the home for one year we had the option
[380]
to continue the warranty so we did
[382]
repurchase that for 660 dollars for the
[385]
next year
[387]
and then last thing is pest control
[390]
and our sellers purchased that for us
[393]
too last year so that ran out as well
[396]
and we had to pay 185 dollars for that
[399]
for the next year
[401]
so those are all the things that we have
[404]
already spent money on and the total so
[406]
far is 189
[408]
255
[410]
for our home loan and then everything
[413]
else that we've paid including the
[415]
initial costs and the repairs and the
[419]
painting and everything um so far has
[421]
been two thousand five hundred and
[423]
seventy five dollars and thirty cents so
[426]
i wanna say that's not too bad for being
[428]
in our home for one year we do have um
[431]
two things that i know of that are
[433]
coming up we're going to have some
[435]
electric work done and we're going to
[438]
get some shelving built into our master
[440]
closet um and i'll be sure to make
[442]
separate videos on those as a part of
[444]
this series and i'm just excited to take
[447]
you guys along with us so that you can
[448]
see our journey and get a true picture
[451]
of what it's like to own a home so
[453]
that's all for this video let me know in
[455]
the comments if you have any questions
[457]
about purchasing a home or owning a home
[460]
or anything that i mentioned that we've
[462]
paid for and i'll be sure to respond to
[465]
you don't forget to give this video a
[467]
like subscribe and click the link on
[469]
your screen right now for more well
[471]
balanced wallet content see you there
Most Recent Videos:
You can go back to the homepage right here: Homepage