Call Today
Brand New Abberly Village Presents Exceptional Features!
Resident Survey
Abberly Village Apartment Homes
1000 Abberly Village Circle
West Columbia, SC 29169

West Columbia SC Apartments Blog


Get e-mail notifications of new blog posts! Enter email address below.

Delivered by FeedBurner


There Are Hidden Costs to Owning a Home

Joseph Coupal - Friday, April 27, 2012

Low mortgage rates and more affordable home prices in the Columbia, SC area are creating an interest in home ownership by those who live in apartments. However, potential buyers who are unprepared for the true cost of owning a home may be shocked by the bite home ownership can take out of their wallet in addition to their mortgage payments.

Inspection and Appraisal Fees
Before you purchase a home you need to pay for a home inspection, and an appraisal, possible even inspections for pests or radon. The costs of these inspections are borne by buyers and are a necessary protection to avoid buying a flawed property or paying too much.

Closing Costs
Buyers need to be prepared with the cash for anywhere from 2% to 4% of the mortgage balance depending on your area.

As a homeowner, you'll need to pay property taxes, which are generally part of the escrow you pay into each month. Remember, even if you have a fixed-rate home loan, your property taxes could go up and increase your monthly housing costs.

Your lender will require home insurance, the cost of which depends on factors including the construction materials of your home and the location. Even if you have renter's insurance, you'll find that home insurance costs more because you are paying for the ability to rebuild your home in addition to replacing your personal possessions. Insurance costs will rise over time, and you will need supplemental insurance if you live in a flood zone.

HOA and Condo Fees
If you buy a home within a homeowners' association or a condominium association, you'll be required to pay a monthly or quarterly fee. These fees can rise, or your association may need to charge a special assessment for projects such as repaving the parking lot or repairing a roof.

Utility Bills
Depending on where you live, your costs for electricity, gas and water could be higher when you move into your own home than when you live in an apartment in West Columbia, SC. You may also need to pay for garbage collection along with your Internet, cable and phone bill.

While this is essentially a discretionary expense, most people who move from an apartment to a larger home need to buy at least some new furniture.

Lawn Care
Whether you handle your yard work yourself or hire a professional, you will have to pay something to keep your landscaping in check. Lawn equipment can be costly and you may need a leaf bloweror other lawn equipment, too.

Home maintenance costs time and money. While you may be able to change your furnace filters, clean your gutters and keep your appliances running smoothly yourself, you may also need to hire a contractor to clean and inspect your chimney and to keep your heating and air conditioning system in top shape.

While maintenance tasks can be predictable, the most costly part of home ownership typically comes with unexpected repairs such as replacing or repairing the roof, removing a tree, or paying for mold mitigation in a damp basement. The list of possibilities is endless, so homeowners should set aside savings for an emergency. Experts suggest budgeting for 1% or 2% of your mortgage balance as a yearly maintenance and repair fund.

The Bottom Line
Buying a home costs more than you think. If you don’t expect to stay in your home for at least seven to 10 years, contact Abberly Village Apartment Homes.

SF Gate

Recent Posts


College World Series Main Street Latin Festival museum roadshow fall decorating ideas beat the heat cornbread festival, Columbia, SC food for good luck Riverbank Zoo renters insurance coverage govenor's cup marathon increase gas mileage, SC Festivals in Columbia SC South Carolina Restaurant Week gas mileage, SC renting after retirement labor day festival apartment community hot drink recipes how to start running improve credit apartment pool exercises renting vs buying Memorial Day appetizer recipe food festival heat wave south carolina fireworks Columbia, SC Columbia apartments amateur photographers Festival of Discovery Palmetto 1/2 marathon Columbia haunted houses valentines day Oysters Down on the Farm jazzfest jazz under the stars renting or buying Mother's Day in Columbia Lights Before Christmas why rent holiday lights Abberly Village home ownership cornbread festival vista lights fitness center pool exercises New Year's eve in Columbia health and fitness expo 4th of July in Columbia, SC apartment communities South Carolina Small Towns Photo Contest cheap decorating ideas five points St. Patrick's day, Columbia, SC Super Bowl Party why do I need renters insurance St. Patrick's Day, Columbia Palmetto half marathon bark to the park September 11 dating tips fireworks safety tips 2014 Indie Grits Film Festival smart phone photos financial planners renting in West Columbia, SC italian festival Columbia festvals South Carolina State Fair three bedroom apartments in West Columbia, SC Holiday lights on the river gas prices, SC summer activities for kids IT-ology Career fair Columbia women's show where to recycle oil valentines day gift ideas hurricane Indie Grits Festival flu shot myths West Columbia meet people college graduate rent specials rent Columbia labor day festival increase fuel economy oyster roast Columbia Restaurant Week St. Patrick's Day party recipe 9/11 South Carolina photo contest photo contest Career fair West Columbia, SC summer in Columbia SC Indie Grits Film Festival Christmas tree recycling holiday light displays renting pet pictures decorating ideas Columbia marathon flu in South Carolina how to hang pictures one bedroom apartments in SC Columbia festivals winter celebration Mother's Day gift ideas guiness world record attempt in Columbia Chili cook off rent or buy Palmetto sportsmens clasic photo sharing live music, Columbia, SC slow cooker drink recipes Columbia labor day Columbia flea markets gas milage The Sparkleberry Country Fair cinco de mayo celebrations 26th Annual Chili Cook Off renter tax deductions renting vs owning cutting edge fitness center apartments ammenities tree lighting St. Pat's in Five Points car maintenance St. Patrick's Day events, columbia reasons to rent cinco de mayo Columbia, SC apartments facilities irish soda bread recipe financial advisers Columbia, SC apartments Columbia live music Bluegrass music Thanskgiving renters insurance apartments in West Columbia, SC Mother's Day restaurant specials, Raleigh school bus safety State Fair Columbia, SC Ribs & Renaissance Festival South Carolina festivals in Collumbia, SC fourth of july Columbia, SC water parks West Columbia, SC renters insurance policy improve a credit score SHE Abberly Village, SC Italian Festival and Bocce Tournament super bowl party recipes decorating your apartment nights of wonder recycle oil getting kids involved in Holiday preparations two bedroom apartments in West Columbia, SC tax deductions for renters hunting and fishing show Columbia, SC St. Patrick's Day decorating tips Columbia tomato feast Midlands Plant & Flower Festival save money on rent veterans day Columbia, SC one bedroom apartments in West Columbia, SC burger recipe veterans day parade Columbia, SC rent or buy a home apartment homes apartment hunting apartment decorating supper club Columbia area apartments St. Patrick's Day, West Columbia Memorial Day recipe Columbia events apartments in Columbia, SC Chapin Labor Day festival fall festivals Mother's Day is pet insurance worth it how to fix a credit score Italian Festival, Columbia 4th of july burger recipe Tartan Day South Clean Sweep taking pictures with the pet Hall of Horrors Sandhill Fall Festivals fall festival running tips rent or own South Carolina Hummingbird Festival pet insurance fix your credit score St. Patrick's Day recipe Rosewood Crawfish Festival haunted houses, Columbia, SC apartment amenities Columbia tomato festival south carolina baseball car maintenance tips South Carolina Festival of Discovery State Museum renting in retirement HHHunt Apartment Homes how to improve credit score Fight for Air Climb skip pearson jazzfest mardi gas celebrations, columbia sc Festival of Trees Columbia New Year's Eve Columbia Blues Festival Celtic Festival gamecocks hanging pictures national night out credit score improve credit score flu shots for the flu increase gas milage summer activities StoryfestSC hurricane safety St. Pat’s TD Bank Parade cinco de mayo apartment decorating ideas