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What are the added expenses of owning a home?

NNPA NEWSWIRE — Owning a home also means planning for ongoing maintenance and repairs. Homeowners may need to budget 1% to 2% of the purchase price of their home on maintenance each year, though that may vary based on the condition of the home. Remodeling rooms or the entire home would cost considerably more.

Published

5 years ago

March 11, 2020

Oakland Post

Homeowners may need to budget 1% to 2% of the purchase price of their home on maintenance each year, though that may vary based on the condition of the home. (Photo: iStockphoto / NNPA)

There’s more to homeownership than the cost of your down payment. Learn about — and prepare — for the true cost of ownership.

The decision to go from renter to homeowner can be exciting. But there’s more to homeownership than your down payment, closing costs, and any other upfront expenses you’ll need to cover — like the cost of moving, and fees to set up or transfer your utilities. To make a financially healthy decision about homeownership, plan ahead for the true cost of ownership before buying your new home.

Know the regular fixed expenses

After purchasing the home, there are ongoing fixed costs, such as:

Mortgage payment (principal and interest)
Private mortgage insurance (if applicable)
Property taxes
Utilities
Homeowners insurance
Homeowners association and other community fees (if applicable)

Though the payments for these items may come at different times (e.g., monthly, quarterly or annually), you should add up the monthly cost of each to understand how they’ll affect you on a day-to-day basis. Make sure to factor these costs — including the monthly amounts you’ll have to save for your annual payments — into your monthly spending plan. Doing this will help you avoid buying a house that you can’t afford, which can happen even if you’ve been approved for the mortgage. You’ll also be able to fully grasp how much you’ll have left over for flexible and discretionary expenses. The Hands on Banking^® website has more resources on making a spending plan.

Plan for ongoing maintenance and repairs

Owning a home also means planning for ongoing maintenance and repairs. Homeowners may need to budget 1% to 2% of the purchase price of their home on maintenance each year, though that may vary based on the condition of the home. Remodeling rooms or the entire home would cost considerably more.

It’s always a good idea to put money aside in an emergency fund to protect against surprise situations. But some home maintenance and repairs aren’t really emergencies, because you can count on features eventually reaching the end of their useful life — things like the roof or appliance replacement.

Instead of dipping into your emergency fund for these costs, it’s best to set aside a certain amount of money every month specifically for them. You can use a savings account to save for home-related costs, like repaving your driveway or renovating parts of your house. That way, you can reserve your emergency fund for truly urgent situations, such as medical needs or sudden unemployment.

Buying a home can be both rewarding and challenging. Doing your homework will ensure that homeownership is as stress-free as possible, both during and after the purchase.

More information is available on Hands on Banking, a great place to start educating yourself about these costs.

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PRESS ROOM: The DCCC, DSCC, Democratic Party of Georgia Announce Victory Against Unlawful Georgia Ballot Procedures

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#NNPA BlackPress

OP-ED: The Illusion of Allyship. White Women, Your Yard Signs Mean Nothing to Me

NNPA NEWSWIRE – “The blue bracelets are something White women are wearing so others can see that they didn’t vote for Trump,” says Liberal Lisa from Oklahoma on X. Chile, bye. These bracelets are hollow symbols, empty gestures that mean nothing to me. An accessory to claim distance from Trump’s legacy is superficial comfort, while the choice to not stand with us in the voting booth is far more profound.

Published

2 weeks ago

November 9, 2024

Oakland Post

Political yard signs can symbolize intentions and allegiance. But this year, they’ve also symbolized betrayal. During this general election, Black women were led to believe that more White women would stand with us. Exit polls, however, told a different story. Despite overwhelming displays of support, more White women still chose to vote for the convicted felon, reality TV star, and rapist. White women answered the call but left us hanging at the polls.

A Familiar Disappointment

I live in DeKalb County, Georgia, and the abundance of Harris-Walz yard signs could’ve fooled me. But I’ve seen this before, back when Stacey Abrams ran for governor. White women showed up, put up signs, attended rallies, knocked on doors, and phone-banked. Yet, when it came time to vote, they let us down—not once but twice. I’ve been here for over 15 years, and if there’s one thing I know, it’s that political signs are symbols without weight.

In every election, I’ve talked with White women. Most aren’t the primary earners in their families and vote along party lines, aligning with the preferences of their fathers and husbands. These conversations reveal a reluctance to break from tradition, even when their votes affect women and certainly when their votes impact the lives of people who look like me.

The Illusion of Solidarity—Symbols Are Not Enough

On social media, I’m seeing White women posting pictures of blue bracelets to “prove” they didn’t vote for Trump. “The blue bracelets are something White women are wearing so others can see that they didn’t vote for Trump,” says Liberal Lisa from Oklahoma on X. Chile, bye. These bracelets are hollow symbols, empty gestures that mean nothing to me. An accessory to claim distance from Trump’s legacy is superficial comfort, while the choice to not stand with us in the voting booth is far more profound.

I’ve seen Black Lives Matter signs and black squares posted on Instagram to “prove” support for Black people, but we now know that was a lie, too. Will those same people who claimed Black lives mattered now take down their Harris-Walz signs and show their true selves?

Navigating these truths is a daily struggle for me—professionally and socially. White women often misuse their privilege, supporting us only when it’s convenient. Seeing overqualified Black women sabotaged or abandoned by White women at critical moments is a constant emotional challenge. It’s exhausting to live with this reality, especially when solidarity seems like something they pick up and discard at will.

One clever campaign ad from Harris-Walz that spoke directly to White women. “Your Vote, Your Choice” emphasized that their vote was private—independent of their household situation. Another was from Olivia Howell Dreizen, the “Vote Without Fear” campaign, which empowered women to consider the greater impact of their choices. But it seems many still couldn’t choose the roadmap to freedom—even when it was handed to them.

A Call for Action Beyond Words

White women, I want to believe you care, but actions speak louder than yard signs, bracelets, or Instagram posts. Show up in our communities, advocate in your workplaces, and stand up to dismantle the structures that uphold white supremacy. Only through real action will we know where you stand.

If you choose not to act, we see you—and we know exactly where you stand. Good luck these next four years.

Disclaimer: The views and opinions expressed in this article do not necessarily reflect the official policy or position of BlackPressUSA.com or the National Newspaper Publishers Association.

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Supernova Parenting Conference Empowers Over 100 Parents with Resources for Neurodivergence and Mental Health

The inaugural Supernova Parenting Conference was co-hosted by Natasha Nelson, known as Supernova Momma, and Yolanda Walker, founder of Parenting Decolonized. It brought together over 100 parents, caregivers, and educators dedicated to fostering understanding and support for neurodivergent children and mental health challenges. The conference provided invaluable resources, expert insights, and a collaborative space for […]

Published

2 weeks ago

November 7, 2024

BlackPressUSA.com

The event featured a variety of workshops, panel discussions, and keynote speeches from leading experts in neurodiversity and mental health. Attendees left with practical tools and strategies to enhance their parenting journeys, emphasizing the importance of understanding and supporting the unique needs of neurodivergent children.

“While the conference was a tremendous success, we believe that our work doesn’t end here,” said Natasha Nelson. “It’s crucial to continue providing ongoing support and resources for parents as they navigate this important journey. We want to ensure families can access the tools they need long after the conference.”

To extend the momentum generated at the conference, Natasha and Yolanda are excited to announce the launch of the Supernova Parenting Community. This membership-based initiative aims to offer a safe and supportive environment for parents and caregivers to continue their growth as conscious parents.

Membership is available for as little as $5 a month via Patreon, making it accessible for all families seeking support.

“We know that parenting can be a challenging journey, especially when navigating neurodivergence and mental health issues,” Yolanda Walker added. “Our goal is to build a community where parents feel seen, heard, and supported. We hope you’ll join us in this vital work.”

For more information about the Supernova Parenting Community and to sign up for membership, please visit supernovaparenting.org