As Millennials begin to take over the home buying market, some have expressed regret about not considering the cost of upkeep on their new homes. In general, you should expect to spend between one and three percent of the purchase price of the home on annual maintenance costs. If your home costs $200,000, plan to budget for about $2,000 a year in upkeep.
Millennials are incredibly educated and carry a lot of student loans, so they sometimes don’t have a lot left over for additional expenses. To avoid this homebuyer regret, you can make sure to budget for these extra expenses. Purchasing a home warranty is another option for people who have a hard time budgeting for potential issues that can arise.
Remember also, you don’t have to start out life with your dream home. You can build equity instead of paying rent and opt for a starter home that allows for leftover money to set aside for any situations that could arise.
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Are You Buying a Home on Marco Island?
Considering buying a home on Marco Island? We’d love to help you find one that’s just right for your needs.
First, check out available Marco Island area properties using this helpful search tool. If it’s easier, you can just call us at 239-821-7926 or get in touch with us online to let us know what you’re looking for. We’re happy to contact you however you prefer. Then, we’ll start searching our databases right away using criteria you specify!
In the meantime, you can also easily explore Marco Island real estate by price:
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