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Published with permission from RISMedia.

Financially, theres more to buying a home than the purchase price”sometimes much more.

After the down payment, and once your closing costs and monthly mortgage payments are added up, it can be easy to forget some of the costly and hidden costs of owning a home. Take these added charges into consideration:

Property Taxes
Property taxes are set and collected by the state, county and local agencies. Sometimes multiple agencies collect funds through a property tax for services such as water, sewer, schools and fire and police departments.

The taxes can go up annually in some areas, depending on a citys services, so the following year’s cost may be difficult to predict. You’ll still want to find out what the current property taxes are on a home before buying. A real estate agent should be able to help you calculate estimated taxes for the following year.

Home Insurance
Since home insurance is required by mortgage lenders, this is one cost that youll be reminded of quickly. It can protect your home from natural disasters, accidents and thefts. Extra insurance for natural disasters, such as floods and earthquakes, can cost more but may be worthwhile.

Maintenance and Remodeling
A leaky roof, cracked foundation or other home problem can be found during the inspection or long after youve moved in. Home repairs can be expensive and something you dont want to put off. Experts recommend putting aside 1 percent of your homes value for maintenance each year.

Along with repairs, take into account any remodeling you want to take on. Kitchens, bathrooms and bedrooms are the most common areas for remodeling, which can cost thousands of dollars. Put some money aside each month in a savings account dedicated to maintenance and remodeling to make your life easier.

The same goes for home insurance, property taxes and other costs you may not think of when buying a home. Contribute regularly to a bank account to pay for the costs of owning a home, and youll be ahead of the game when the bills come due.

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Cracks in ceilings can be a sign of a larger problem, or they may be nothing but a cosmetic issue. But when selling a home, all flaws in the ceiling require attention.

Most ceilings will develop a few cracks over the years that are harmless and not indicative of some bigger issue. Repairing these is a fairly simple process.

Start by removing loose paint and drywall with a utility knife. Next, cover the crack with mesh tape, centering the crack within the tape. Spread drywall joint compound over the tape, using the putty knife to make the compound flat. Dont be afraid to use too much compound, because the next step is to sand down any ridges after the compound has dried. Be sure not to sand the tape away.

The final steps are to prime and paint. Painting the entire ceiling is best so that it looks uniform.

Larger cracks are more serious and require professional attention. So-called spider web cracks can stretch from a ceiling to walls and floors. These large cracks can be a sign of structural damage and should be repaired quickly. When a crack runs across the ceiling and continues down a wall, it is commonly a sign of structural damage caused by a weak wall stud.

Cracks combined with a so-called bow, or dip in the ceiling can be a serious challenge. If the support provided by joists weakens, a ceiling will sag”a professional should be contacted right away if this is happening.

Another thing to look at is the coloring of a crack. If yellow or brown stains are around the crack, its a sign of a water leak. Be sure you find the cause of the leak and have it repaired before you fix the crack in the ceiling.

Even if your ceiling is free of cracks, its well worth your time to take a close look when selling the home. Simply dusting or vacuuming your ceiling, particularly in the corners, can make a difference to buyers. Also, be sure to clean away any scuffs. If your ceiling needs a new paint job, consider painting it white, which can make the ceiling appear higher. And while youre up on that ladder, dust ceiling fans and vacuum vents that are high on walls.

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Hopeful homeowners applying for a loan who aren’t able to put 20% down upfront may be hearing their lender talk about Private Mortgage Insurance, or PMI. A PMI comes into play when a buyer, unable to come up with a 20% down payment, is seen as a risky investment. Instead of simply blocking the borrower from taking out a loan, the lender will require a PMI.

Typically, the PMI payment is paid monthly along with the overall mortgage payment. While this may seem bleak, for some it is the only way to secure a loan without that pesky 20% downpayment.

However, just because you have a PMI doesn’t mean you will need to carry it the length of your loan. To get rid of the PMI on the loan, the borrower can contact their lender and ask that it be removed after they pay down enough of principal to cover the 20%.

Really trying to avoid that PMI? You could also take out a smaller loan to cover the amount of the 20% down, although this usually comes at a higher interest rate.

Understanding the Debt-to-Income Ratio
When applying for a mortgage, your lender will be looking closely at your debt-to-income ratio, also known as a DTI. But what is your DTI? It’s a calculation, and to get it, your lender will be dividing your monthly debt by your monthly income. Let’s look closer.

To start, first add up what you spend each month on the following: mortgage or rent, minimum credit card payments, car loan, student loans, alimony/child support payments, and other loans you may owe. The total amount is what you spend each month on debt.

Next, calculate your monthly income by adding up your yearly: gross income, bonus or overtime, alimony/child support, and any other income. Once you have this amount then divide your yearly income by 12 to determine your monthly income. Now all that’s left is to divide your monthly debt by your monthly income. While the base line changes, the typical ratio of what’s considered to be the healthiest debt load for the majority of people is 43 percent or less.

It’s also important to note that there are two types of DTI ratios: front end and back end. The front end DTI includes your housing-related debts. The back end DTI includes housing-related debts as well as other recurring debt payments (things like student loans, credit cards, child support, etc.).

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Here are four striking countertops that will up the style factor in your kitchen…

Sintered Stone

Sintered stone combines the classic look of natural stone with all the benefits of a durable, man-made surface.

Soapstone

Whether youre going for a traditional or modern look, this natural stone works well in a variety of styles.

Caesarstone

Made from a blend of quartz and resin, Caesarstone is an increasingly popular manufactured surface.

Quartzite

With bold swirling patterns quartzite is a natural stone that can make any kitchen pop.

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