The Costs Nobody Puts in the Listing

What costs come with a house besides the mortgage?

The three biggest are homeowners insurance, property taxes, and upkeep. They are not the only ones - utilities, an HOA if you have one, and PMI if it applies all add up too - but these three surprise people the most.

Can I lower my homeowners insurance?

Often, yes, but nothing is automatic. Three moves worth making:

• Shop the policy every year. Prices for the same coverage vary by hundreds of dollars between companies, so loyalty costs you.
• Ask about bundling home and auto with one company. Most insurers give a bundling discount, but not all, and the bundle is not always cheaper than two separate policies. Compare the total both ways.
• Ask about a higher deductible. A higher deductible usually means a lower premium. The trade-off: you pay more out of pocket when you file a claim. Pick a number you could actually write a check for tomorrow, not just the one that makes the premium look best.

Can I do anything about my property taxes?

You cannot negotiate the tax rate, but you can challenge the assessment it is based on. Pull your assessment and compare it to what similar homes near you actually sold for. If it looks high, you can appeal.

In New Jersey, appeals go to the County Board of Taxation on Form A-1. The deadline matters and it is not the same everywhere: in most counties, including Ocean, your petition must be filed and received by April 1 (May 1 if your town just did a revaluation or reassessment). Monmouth County runs on its own calendar - the deadline there is January 15. Deadlines vary by county, by tax year, and by whether your town just reassessed, so check the current instructions from your County Tax Board before you count on a date. An appeal is a case you make with evidence, like recent comparable sales. It is not a guaranteed reduction, but if your assessment is genuinely high, it is a real option most people never use.

How much should I set aside for repairs?

There is no magic number, and anyone who gives you one is guessing about your house. What is not a guess: roofs age, boilers quit, and water heaters flood basements. The question is not whether something big will break, it is whether the money is sitting there when it does. A set amount moved into a separate account every month turns an emergency into a bill you already paid.

What is the full monthly picture when I am buying?

Add it all up before you fall in love with the payment: principal and interest, property taxes, homeowners insurance, and a monthly amount for upkeep. That full number is what the house costs. The mortgage alone is not.

Buying and want the full monthly picture, not just the mortgage? Reach out and we will walk through the real numbers on the house you are looking at.

Frequently asked questions

Is homeowners insurance required?

If you have a mortgage, your lender requires it. Even without a loan, going without it means one fire or storm comes out of your pocket.

Does bundling home and auto insurance always save money?

No. Most insurers offer a bundling discount, but not all, and separate policies sometimes win on total price. Get the quote both ways.

Can I appeal my NJ property tax assessment any time of year?

No. In most NJ counties the filing deadline is April 1 (May 1 in a revaluation or reassessment year). Monmouth County's deadline is January 15. Deadlines vary by county and tax year, so confirm the current date with your County Tax Board. Miss it and you wait for next year.

What happens if I cannot cover a big repair?

You end up putting it on a card or a high-interest loan, which costs far more than the repair. The monthly set-aside exists so that never happens.

Sam Alpert, NMLS #1961555 / Spring Home Company Incorporated, NMLS #2741914. Equal Housing Lender.