Many new homeowners fall into the trap of thinking that owning a home is not much different from renting one. This can partly be attributed to misleading advertisements and television shows which portray new home owners happily moving in to a new home with little or no preparation or planning. What is not shown is the work and the expense of maintaining a household, and this is an aspect of home ownership that virtually all new owners will encounter.
Would-be homeowners are aware that they need to pay obvious costs like mortgage interest and utility bills. What they overlook however, are other costs like property taxes, inspection, maintenance, and repairs.