Hidden Costs of Buying a Home
You don’t really own the land. The county does. You just rent it annually with something called property taxes. These can rise every year.
They are often 1% to 3% of the home’s value per year. On a $300k home? That’s $3,000 to $9,000 a year. And because it’s in an escrow account, you might not even notice until you look at your monthly mortgage payment and realize $500 of it is just gone.