homeownership costs

As all first-time buyers quickly discover, the cost of homeownership is more than a down payment, monthly mortgage, insurance and utilities — it’s also paying for the maintenance services that keep your home running smoothly every day.

Personal finance site Bankrate.com recently crunched some numbers and found that homeowners, on average, spend $2,000 per year on home maintenance, which includes landscaping, housekeeping and plumbing services.

Furthermore, 63 percent of homeowners use at least one recurring home maintenance provider, and another 35 percent use at least two.

Homeowners tend to spend the most on housekeeping ($285 per month), followed by homeowners association (HOA) dues ($210 per month) and landscaping ($144 per month). The next most popular services were home security systems ($130), pool care ($123), snow removal ($84), septic service ($67) and trash and recycling collection ($55).

In addition to home maintenance costs, Bankrate says homeowners need to be prepared to pay for major repairs, such as a blown-out air conditioner or a leaky roof, and they need to put aside about…

 

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