Expenses to Consider When Buying a Home in Utah
Buying a new home is an exciting, wonderful time for many people. The idea of a new home with new memories can sometimes lead home buyers to overlook some pretty significant expenses. Everyone knows buying a home involves a mortgage, but there are also other expenses involved. When you buy a home in Utah, consider the following expenses so you aren't left in a lurch.
Private Mortgage Insurance
Whether you live in a mansion in Salt Lake City or a humble cabin in Brigham City, if you can't pay at least 20% in your down payment, you will be required to purchase private mortgage insurance. This insures the lender in case you default on your loan.
Property taxes are the local government's way of paying for many community expenses like schools and infrastructure. The amount of property taxes is calculated at regular intervals but often stays about the same. Ask your realtor for information on past property tax amounts for any properties you are interested in buying.
Provo, West Valley City, and Orem can all reach temperatures above 100 degrees and as low as 10 degrees. With this huge swing in possible temperatures, it is wise to have an idea of how much your utilities would be if you were to purchase a particular property. To keep costs low in summer and winter, look for homes with energy efficient windows, and ask to review the previous homeowner's utility bills for the past year.
Keep your home buying process a happy occasion by considering all your potential expenses before making a purchase.
You may also be interested in seeing all Utah homes for sale.