A small survey of first-time home buyers found that more than half of the families were surprised at how expensive it was to own a home, even though 88 percent believed they had done a good estimate of the costs.
The study for BBVA Compass, a lender based in Alabama, concluded that most lenders donâ€™t warn buyers that there will be costs beyond principal, interest, taxes, and insurance.
Among those costs are utilities. The U.S. Department of Energy reported that the typical family spends $1,900 a year â€“ $158 per month â€“ on things like heat, air conditioning and power.
The National Association of Home Builders calculated that the typical buyer of a new home spends about $8,640 within the first 12 months for furnishings, appliances, and home repairs and fix-ups, while the typical buyer of a resale home spends $6,540.
Source: United Feature Syndicate, Lew Sichelman (06/06/2010)