Owning a Home
We mentioned earlier that homeownership creates additional
expenses. It also comes with responsibilities. If you rent
now, your landlord provides maintenance. The landlord may also
pay for some utilities and make major repairs. When you own
a home, you still have a landlord—but that person is
you! The effort and expense of owning a home is all yours.
Habitat charges no interest on your home loan so you can afford the monthly payment.
After you pay off the mortgage loan (a 20-year loan), the home is yours, free
and clear.
Your mortgage payments will be billed monthly. As we’ve been saying all
along, pay your bills on time, every month. When it comes to a mortgage payment,
this couldn’t be more important.
Should you ever have a financial crisis, such as losing your job,
contact your Habitat affiliate immediately. Together you can work out a
mortgage payment plan. Habitat will do everything it can to help you avoid
late mortgage payments.
Utilities
You are responsible for paying all of your utilities. They are not included in
the monthly house payment. Your utility expenses generally include:
• Electricity
• Gas
• Water
• Sewer
• Phone
• Garbage and trash collection
• Internet
• Cable or satellite TV
Heating and Cooling: What You’ll Spend
The average annual monthly payment for energy (electricity and gas) in 2007 is
$175 . For each dollar you spend on energy, here is how it gets divided:
Source: Alliance to Save Energy: Energy Fact Sheet
Source: Residential Energy Consumption Survey, 2001
As you can see, heating and cooling your home take up the biggest chunk of your
electricity costs.
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NEFE. All rights reserved.
