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The Costs Associated With Owning A House In Franklin Township, NJ

The Costs Associated With Owning A House In Franklin Township, NJ

Becoming a homeowner is a thrilling and empowering step in the quest to obtain financial independence. However, first-time buyers often don’t anticipate all the costs associated with owning a home. It’s crucial to be aware of these cost, for if you don’t pay them you could lose the roof over your head.

In this blog, we’ll examine some of the most important costs associated with home ownership.

Property Taxes

The assessed value of your home, as well as the property tax rate in your town or city, will determine how much you pay in property tax. Although tax bills vary greatly from state to state, you can expect to pay hundreds, if not thousands, of dollars annually in property taxes. In New Jersey, you can expect to pay about $2,417 for every $100,000 of assessed value.

Homeowner’s Insurance 

The most extensive coverage can cost about $1,249 annually, but you might pay much less. Most lenders require homeowner’s insurance, which can be expensive if you live in an area that’s vulnerable to natural disasters like tornadoes and flooding.


Homeowners often spend close to $400 a month on utilities; this figure includes costs associated with cable TV, internet service, water, trash, electricity, and gas. That is significantly more than what renters usually pay ($100-$150).

Upkeep & Repairs

Owning a property means you’ll have to do maintenance routinely, and you’ll also have to do repairs here and there. The repairs can get pricey, especially if you’re unprepared. Appliances, an HVAC system, and the roof will need repairs eventually, and these can be costly.

Homeowner’s Association (HOA) Dues

If you reside in a community that has a homeowner’s association, you might have to pay dues to maintain amenities like a gym or pool.

Personal Situations

Life is full of surprises, and sometimes surprises can come with a hefty price tag, especially when it comes to property. For example, you may need to make room for an elderly parent, or maybe there’s another baby on the way. In either case, an addition will be necessary, and this will be expensive.

In Summary

Owning a property in Franklin Township or another part of New Jersey can be costly. Therefore, it’s crucial that you budget accordingly and prepare for the financial responsibility of homeownership.

However, if you find yourself in a situation where you’re thinking “I need to sell my house fast in Franklin Township, NJ because it’s too costly,” consider selling to a local cash home buyer like Just Buy My House LLC.

You won’t need to make expensive repairs, and we’ll close in under 30 days. There won’t be any hassles. To find out more about what we’re offering—and to know how we buy houses in Franklin Township, NJ—get in touch with us today!

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