Despite the numerous benefits, keep an eye out for hidden costs.

Relatively low mortgage rates have reignited interest in homeownership, particularly among young people who are wary of watching their rents rise year after year and prefer the concept of having equity—an ownership stake—in the house where they reside. A home may be a valued asset and a means to a more secure financial future. However, first-time buyersmay be surprised by the financial toll that homeownership may entail.Aside from regular mortgagepayments, the true cost of owning property includes several hidden charges. The first three hidden expenses are predictable and unavoidable. The others are sporadic and unexpected, which adds to the stress. Preparation is half the battle. These are as follows:

• Property Taxes
• HOA and Condo Fees
• Homeowners Insurance
• The Roof
• The Heating, Ventilation, and Air Conditioning (HVAC) System
• The Electrical System
• Plumbing
• Termites
• Mold
• Landscaping and Lawn Care