Feb. 19, 2018
There's a reason why a house is called a money pit. It costs a lot of money to keep that roof over your head. Besides the mortgage, taxes and insurance, there are routine maintenance services that must be factored into your family budget.
The average homeowner spends about $2,000 a year for maintenance services, according to a new survey by Bankrate.com.
"So that's stuff like housekeeping, your pool care, your home security system, and landscaping. These are some of the little costs that add up over time," said Taylor Tepper, an analyst at Bankrate.
Anyone planning to buy a house - especially someone renting an apartment - needs to consider these additional expenses as they decide whether they can afford the new place.
"This is just routine stuff," he said. "This is not the roof caving in or your AC unit breaking down. This is just the stuff that you do because your life is really busy and you need help making sure that the lawn looks good and the house is kept clean."
The bottom line: Make sure you account for these expenses in your budget and that you have the money to cover them, so that you don't go deeper into debt to pay for them.