• Closing costs will depend on where you live and the loan you get, but you will need to pay at least a couple of thosand dollars in closing costs at the time you get the loan and settle. You will need to pay property taxes - state and possibly county or city. You can have these escrowed with your monthly mortgage payment. That means you pay a little more each month and they save the money for you and pay your taxes for you. You will need to pay Home Owners Association Fees if you are in an HOA (fro certain if you are in a condo). These could be very low (less than $100 month) or VERY high (more than $1000 month) depending on what services are covered and if insurance is covered under your HOA. This is not optional if the property you buy is in an association. You will need to buy Homeowners insurance that covers the structure of the building. You must do this before you close on your loan and continue carrying it as long as you have a mortgage. You should also get insurance on the contents of your home. In some states, you will also be required to get Wind & Hail insurance (places prone to hurricanes or tornadoes) and, if the property is in a federal flood zone, you will have to get flood insurance. All of these insurances must continue to be renewed and carried as long as you have the mortgage. How often you pay depends on how you set it up with the insurance provider - most will let you pay every three months so it is not one huge lump sum once a year. Of course, you will need water, electricty or gas and trash collection. Phone, TV, internet. These are all usually paid monthly.
  • Well, I mean it's all pretty standard, every bill usually specifies how often it needs to get paid. There's electricity, gas, stuff like that. Then there are usually property taxes which you have to pay twice a year. Those suck.
  • The monthly bills for a home would be heat & hot water (gas, oil or electric), electricity (lighting), telephone, cable/satellite TV, Water (clean), Sewer and insurance. Condominiums differ in that you will have a monthly condo fee which will cover services like trash removal, plowing, landscaping, etc. that you would pay on your own if your home isn't a condominium. A caveat to owning a condo: While condo ownership is like an all-inclusive vacation in that everything is taken care of for you, it is much like apartment living. You are under a set of rules by the condo association. Your property must be one color of exterior paint, grills may not be allowed, bycicles may not be left outside towels may not be hung over the patio rail, no childrens toys can be left outside, etc. In a single family home you are free to do whatever you please.

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