Essential Home Buying Tips: Utilities, HOA, and Mortgage Insurance Explained

In this insightful clip from EYL, we're joined by the incredible Quiana Watson to delve into the often-overlooked costs and fees associated with purchasing a home. As first-time homebuyers, we usually focus on the big-ticket items like the mortgage and property tax, but what about the other expenses that can catch us off guard? Quiana breaks it down for us! *Key Takeaways:* 1. **Utility Costs**: Quiana emphasizes the importance of getting a statement of utility bills from the previous homeowner. Understanding these costs ahead of time can prevent unexpected expenses, especially when moving from a smaller apartment to a much larger home. 2. **Homeowners Association (HOA) Fees**: The realities of HOA fees can be both beneficial and burdensome. While they help maintain neighborhood standards and can include utilities and amenities, they also add to your monthly expenses. Quiana points out that understanding what’s included in these fees is crucial before making a purchase. 3. **Routine Maintenance & Home Warranties**: Owning a home means you're responsible for its upkeep. Quiana suggests investing in a home warranty to cover large expenses like H-Vac system replacements. Routine maintenance, such as gutter cleaning and pressure washing, should also be factored into your budget. 4. **Mortgage Insurance**: Often misunderstood, mortgage insurance is required if you put down less than 20% on your home. Quiana clarifies that this insurance protects the lender, not you. However, once you've paid 20% of your loan principal, you can request to have this insurance removed. 5. **Homeowner’s Insurance**: Quality matters. Many homebuyers opt for the cheapest insurance but, as Quiana advises, cheaper isn't always better. Proper coverage is essential, particularly if you've invested in upgrades. Always inform your insurer of significant changes to ensure you're fully protected. 6. **Budgeting for the Unexpected**: Rashad Bilal adds the importance of having a well-thought-out budget that encompasses all potential costs, not just the mortgage. This foresight helps prevent financial strain and ensures you enjoy your new home without constant worry. *Expert Insights:* Quiana shares her professional experiences to highlight common pitfalls and offers practical advice to make the home buying process smoother. Her emphasis on value appreciation and ownership as primary reasons for entering real estate is a critical reminder for new homeowners. Whether you’re considering buying your first home or looking to understand more about the additional costs associated with homeownership, this episode is a must-watch. Budgeting accurately and having a strategy in place can make all the difference. *Join the conversation!* Share your thoughts and experiences with us in the comments. Have you encountered unexpected expenses in homeownership? How did you handle them? *Don't miss out on this essential advice! Make sure to like, subscribe, and hit the notification bell for more expert insights.* --- *Hashtags:* #EYL #HomeBuyingTips #QuianaWatson #FirstTimeHomebuyer #HomeOwnership #Utilities #HOAfees #MortgageInsurance #HomeMaintenance #RealEstate #PropertyInvestment #HomeBudgeting #ExpertAdvice #FinancialPlanning #DreamHome --- By covering all these essential topics, this clip aims to provide a comprehensive guide to help you navigate the complex world of homeownership with confidence and ease. Our Sponsors: * Check out PNC Bank: https://www.pnc.com * Check out Square: https://square.com/go/eyl Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy See omnystudio.com/listener for privacy information.