When shopping for a new home, many homeowners compare the listing price with their budget. That’s understandable. However, the listing price isn’t the only factor that impacts affordability.

For example, you might find a property that falls just under the top end of your budget, but discover that the taxes are significantly higher than expected. So, although it seems at first glance to be within your price range, owning it could be more expensive than you anticipated.

Vice versa, you could see a home for sale that you love but is just over your budget. But, since the carrying costs of the property are less than what you pay now, that home could actually be affordable. In this case, if you didn’t know the carrying costs, you might have missed a great opportunity.

The lesson here is obvious. When shopping for a new home, check out the carrying costs of the property and factor that into your decision to make an offer. Such costs can include taxes, utilities, maintenance, alarm service, and other regular expenses.

Knowing the carrying costs will give you a fuller picture so that you can make a more informed decision.