Beware the high costs of home ownership
For those who rent and wish to own your own homes, go for it. But please bear in mind that the belief that home ownership will avoid predictable steady and increasing housing costs is a myth.
A simple truth – the costs of home ownership are guaranteed to rise each year. A future special tax assessment for a local improvement is a possibility. The cost of property insurance will also increase each year in conjunction with the rising inflationary costs of labor and materials.
Most important, keep in mind that the ongoing expenses for property maintenance is high. Prepare yourself for heart palpitations when you see the cost for a new roof, a new or repaired HVAC system, a new water heater, or even the replacement of a simple fence.
When your current landlord (slumlords excepted) increases your monthly rent, it is not out of greed but out of necessity of meeting these ever-rising expenses.
Marsha Wernick, Fresno
This story was originally published May 20, 2017 at 4:10 PM with the headline "Beware the high costs of home ownership."