The Real Cost Of Owning a Home

Lora Davis
 


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It is amazing that in today’s property market, there are mortgage payments for homes in downtown Telluride that actually rival monthly incomes. Even though this could be the case where you are coming from, you want to know exactly what you are walking into; this is because there are costs associated with home ownership that everyone that is interested homes for sale Telluride needs to know about; this is because these many costs are what pose as a challenge to most people who are that are doing Telluride real estate search.

When you choose to buy Telluride homes you require a good amount of cash upfront so as to take care of some additional charges such as down payments, closing costs etc. all of which may range from 3 percent for government loans through the Federal Housing Administration to as far as 20 percent for conventional loans. This is a lot of cash that you must decide whether you can be able to handle and whether you will still be left with some reserve cash for emergencies such as accidents of if you lost your job in the worst case scenario.

Normally monthly payments for homes for sale Telluride will consist if the principal and the interest both of which are determined by the purchase price and the interest rate as well as home insurance and property taxes. When you are calculating your home ownership charges, you should also include other monthly bills including utilities, cable/internet/TV and general maintenance charges. If you are buying a townhouse or a condo, you are also going to factor in a monthly homeowners association fees as well as any other assessments.

When you are search Telluride real estate, you should always be looking for a house that will fit you for at least the next five years; develop a vision of yourself and your family and ask yourself where you want to be so that you don’t spend time and resource on a Telluride home that you are going to outgrow. There are hundreds of homeowners who went for homes for sale in Telluride because of the prevailing tax credit and they make great purchases but after they have owned the home for a few months or years they soon realize that their status has changed and the place is no longer good for them.

When you are doing Telluride real estate search, you therefore want to get a home that doesn’t just fit your current stage in life but one that also takes care of your next stage in life; don’t make the mistake of looking at homes for sale downtown Telluride as only an investment and not necessarily a pace where you can live and grow old. Thinking that you will simply relocate to the next big house when current one becomes smaller is something that is always easier said than done.

This article is penned by Lora Davis for Mike Shimkonis Realtor. Mike is the owner of one the biggest and most well known real estate companies operating in the Mountain area of Telluride.

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