Make sure you can afford these hidden costs when looking for your next house.

When it comes time to buy a house, it can be easy to focus on the listing price. However, there are many more costs that you need to consider to ensure you are able to truly afford your next house. Keep these financial considerations in mind to make your budgeting process much easier.

• Homeowners insurance – after spending so much on a home, you will want to make sure it is protected. The cost of your home insurance policy will depend on many factors, including the value of your home, the value of your personal belongings, where your home is located, and much more. Talking with your insurance agent can give you a better idea of how much you should budget for your insurance coverage.
• Homeowners association fees – when looking for your next house, don’t shy away from homes that are part of a homeowners association (HOA). The fees that you pay to your HOA will help to keep your yard looking its best and ensure all the communal areas, like the pool and gym, are well maintained.
• Utilities – if you have been renting your house, some of your utilities may have been covered by your landlord. As a homeowner, you will be responsible for all of your utilities. Talk to the current owner or go online to find out how much you can expect to pay each month.
• Taxes – your property taxes will be based off the value of your home. Typically, you will pay your taxes into your escrow account, and then your bank will ensure the taxes are paid on time.

Working with the right mortgage lender will help you fully understand just how much you should expect to pay for your new home each month. Serving Solana Beach, California homeowners, the expert lenders at Ranch & Coast Mortgage Group Inc. can help you create the right budget when looking for your next house.