True Costs When Buying a Bigger Home

A large home is the American dream. Plenty of space to roam. Large, open rooms with high ceilings. Grand entryways. A never-ending yard for kids and pets to play. But at what cost does this come?

Buying a larger home generally equates to having a higher mortgage payment seeing the cost is greater, but there are additional costs that may not be thought of up front.

-Insurance cost to cover higher replacement costs

-Property tax cost since it is based on assessed value

-Energy bill cost to heat and cool larger square footage

-Maintenance and Repair costs

-Up front cost to "fill it up" as well as a larger down payment seeing it is based on loan amount

-Time to clean it all!

So as beautiful as they may be, when calculating your budget on your new home, don't forget to factor in those extra costs that can add up very quickly!

If you have any further real estate questions, feel free to reach out to me at KimWeaver@kw.com! *I am licensed in NC and may be limited to advice on out of state questions

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