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<ul class="summary-list"><li>Kayli Angeleaux bought a home via Cheap Old Houses, an Instagram account with 2 million followers.</li><li>She's embarking on a restoration of the property that will cost almost as much as the house.</li></ul><p><em>This as-told-to essay is based on a conversation with Kayli Angeleaux, 31, about her decision to purchase a historic fixer-upper in Higginsport, Ohio, about an hour from Cincinnati. She <a href="https://www.instagram.com/p/CmhQmoDO_u3/?hl=en">found</a> it via Cheap Old Houses, <a href="https://www.instagram.com/cheapoldhouses/">an Instagram account</a> and <a href="https://www.cheapoldhouses.com/subscribe/">newsletter</a> started by Elizabeth and Ethan Finkelstein that spotlights homes for sale across the country and abroad that are, mostly, less than $150,000. </em></p><p><em></em></p><div type="image" title="A screenshot of the Cheapish Old Houses newsletter." height="1064" width="920" msid="96965877" hostid="261" sizebytes="100326"></div><p><em>Angeleaux and her husband Connor, 29, are chronicling the intense restoration process </em><a href="https://www.youtube.com/@restoringwalnuthill"><em>on YouTube</em></a><em>. The conversation has been edited for length and clarity.</em></p><p>I was on the Cheap Old Houses Instagram, and I spent way too much time on there. When I quit social media, I knew I had to have my fix. So I got on their email newsletter.</p><p>We were living in an apartment in Utah at the time. My husband and I agreed that we weren't going to leave that apartment until we bought a house. Nothing in Utah was anywhere close to what we could afford.</p><p>And then on May 11, 2022, I got the Cheap Old Houses email. We saw the pocket doors, and knew there was something special here. </p><p>I've been dreaming about owning a historic home for probably the past 21 years. I read a lot of historical fiction when I was young, and I fell in love with it through that. At 10, obviously, I didn't know what that really meant. But I knew the aesthetic that I wanted, down to the Federal-style white house with the symmetrical windows.</p><p>So when I saw it pop up, it just screamed 'home' to me. </p><div type="image" title="Unpainted wood pocket doors with a green chair in front." height="1875" width="2500" msid="96965880" hostid="261" sizebytes="426676"></div><p>I reached out to the listing agent that day just to see if it was still available — I was sure somebody had already bought it — and it was. </p><p>The house was listed for $249,900, and we got it for $165,000. </p><p>There were several reasons for the discount. The first is there's a ton of very expensive work to do. The structure needs to be completely redone. </p><p>Higginsport is a tiny, tiny thing on the map. There are really no businesses. There's one restaurant and a tiny post office that's open for a couple hours. So not a lot of people are looking for that kind of town.  </p><h2>The Angeleauxs weren't even considering Ohio</h2><p>At the time, we were actually looking at homes in Kentucky, so we didn't even have a local agent in Ohio. All that realtors in Kentucky were able to send us in our price range was trailers, and that just wasn't what we wanted. </p><p>Cincinnati is the closest big city to the house. All we knew about Cincinnati was that it had hills. We would be okay with moving from Utah because at least we would have some good topography. We were very concerned about not having mountains anymore.</p><p>We started scrambling and found an agent in Ohio, and got her out there for a FaceTime walkthrough. We entered the buying process sight unseen, after just the blurry FaceTime. They had taken <a href="https://www.realtor.com/realestateandhomes-detail/410-White-Oak-St_Higginsport_OH_45131_M91478-41738" target="_blank" rel="noopener">fantastic pictures for the listing</a> and the inspections showed us every nasty corner. </p><div type="image" title="Left: the entry foyer with stairs on the left side covered in red carpet. Right: the upstairs foyer with red carpet." height="1875" width="2500" msid="96965884" hostid="261" sizebytes="309426"></div><p>We moved to Columbus in July and were able to go see the house a couple times, and then we closed in September.</p><p>Connor, a machine-learning engineer, did have to go through the process of asking human resources if he could work remotely. They got themselves a license so he could be in Ohio. A big goal of buying this house was for me to be able to be a stay-at-home mom.</p><p>We've been staying with Connor's mom in Columbus and just going back and forth either to see the house, to sign papers, or to start clearing it out. We're actually going to be moving in here in a couple weeks.</p><p>I say moving in lightly. We're essentially going to be camping for the next six months while construction is going on.</p><h2>The home needs some updating before it's suitable for family life</h2><p>I'm a historian, and I've been doing interior decorating as a side career. </p><p>What we have been told is that the house was completed in 1807. It was originally owned by a whiskey dealer, and legend has it that he would take his horse and buggy through the tunnel that goes through the hill the house sits on and into the basement to load and unload his wares. </p><p>There were one or two owners, then there was a guy named Samuel Waterfield who bought the house for his new bride. He fathered 15 children in that house. Then there were a couple more owners.</p><div type="image" title="Left: The tunnel into the cellar. Right: The cellar the Angeleauxs plan to convert into an Airbnb." height="1875" width="2500" msid="96965886" hostid="261" sizebytes="565138"></div><p>We found out that it was called Walnut Hill. In my heart, I knew this house had a name. </p><p>The downstairs has a kitchen, and there's a bathroom off of it. There are four living rooms in the main part of the house. They'll become a formal dining room, a living room, my office, and a homeschool room for our 4-year-old and any future babies. </p><p>Above the kitchen are the servants' quarters, and there are also four bedrooms upstairs. There's an attic above that. We have a ladder, but we just haven't figured out how we can get it up there because the ceilings are 12 feet high. </p><div type="image" title="Four images of the details at Walnut Hill House." height="1875" width="2500" msid="96965887" hostid="261" sizebytes="357846"></div><p>There's one bathroom. We're told that it was the first house in Higginsport to actually have a bathroom.</p><p>We want to add another bathroom — that's in our five-year plan — because if you need to go to the bathroom in the middle of the night, you have to go all the way downstairs.</p><p>The coolest part of the house is the wine cellar in the basement that's accessible from the tunnel outside. And that's what we're going to turn into an Airbnb. I want to share this historic home with people, so I want to make it affordable for families. I think I'll charge anywhere from $100 to $150 a night.</p><p>I like to say that we're doing a restoration, not a renovation. </p><p>It's been lived in for 215 years. So I'm going with an antique style, but it's going to be pretty eclectic. We've found so many cool antiques in the house, too. I found a sign from World War II, and old military uniforms. </p><div type="image" title="A WWII sign reading We Are Going to Plant Old Glory in Tokyo and Berlin, and some books." height="1875" width="2500" msid="96965888" hostid="261" sizebytes="623090"></div><p>I've always been a little bit more cautious with my colors, but we're going all out. My office is going to be a really deep, rich purple. I am trying to pay homage to the green kitchen, which is pretty intense. So the kitchen is going to be green — it's just going to be a little mellower in style.</p><p>It's hard to explain, but you just walk in there and know this house has seen some things. And I truly feel like a caretaker of the house and the grounds. I love it so much. </p><h2>Buying a house built in 1807 has been a huge undertaking</h2><p>The loan that we did was complicated, and all the safeguards that we put in place to make sure we weren't buying a money pit took a long time.</p><p>The loan that we used is called a <a href="https://www.hud.gov/program_offices/housing/sfh/203k/203k--df">203(k) loan</a>. You're able to roll in a lot of the repairs that have made the home pretty much unlivable into your mortgage, and it's backed by the Federal Housing Administration (FHA). It allows people who aren't filthy rich, who can't throw tons of money at these historic homes, to be able to afford one.</p><p>The mortgage portion of the loan was $165,000, and the renovation loan was $157,000. The estimate was $140,000 for the repairs. You have to have conditional funding in case contractors find something else wrong with it while they're doing the work. The down payment was $18,000. As soon as we got approved and they locked us in for 60 days, rates started skyrocketing fast. We ended up with a 5.5% interest rate.</p><div type="image" title="The Angeleauxs' green kitchen." height="1874" width="2500" msid="96965890" hostid="261" sizebytes="310878"></div><p>We had to have a Housing and Urban Development inspector look at the home and tell us what things needed to happen in order for the FHA to back this loan. We also had a structural engineer, a termite company, and painters come out. We are dealing with what's most likely lead paint. We had a plumber.</p><p>We had chimney sweeps, because we have five chimneys and nine fireplaces. </p><p>The biggest thing was that we had three general contractors come out. I thought when contractors came, you were just getting a number, but it was packed full of education. Every contractor brought different expertise and different suggestions on how to go about things. So honestly, I consider them like one of our inspections. We ended up going with an Amish contractor who really knows what he's doing.</p><h2>A long project lies ahead</h2><p>Now, it's a historic home. We're not going to get it completely up to code. My stairs aren't all going to be the same height and width.</p><p>Our windows have to be able to open. That's a big project, because all of our windows are original, and all of them are sealed.</p><p>Once we were standing in what was going to be our master bedroom, and a bird flew in. One of the windows is detached, and there's a big hole in the ceiling from some water damage. We have found so much bird poop in that house. </p><div type="image" title="The original window with a close-up of termite damage." height="1875" width="2500" msid="96965893" hostid="261" sizebytes="467128"></div><p>The electric is the <a href="https://www.nachi.org/knob-and-tube.htm">old knob-and-tube</a>, so we're redoing that. There's also damage from termites. And we're going to need to get <a href="https://en.wikipedia.org/wiki/French_drain" target="_blank" rel="noopener">a French drain</a> around the house, because when we went to walk through with our contractor during a rainstorm, we saw rain pouring into the basement.</p><p>We just FaceTimed with our contractor yesterday and he showed us three trash bags. And he was like, "Hey, look at this. That's the beam that was holding up your house. I put my hand on it and it completely crumbled." </p><p>Luckily every wall is 18 inches of solid brick, so that's why the home was still standing. Right now, we can't fully walk into the living rooms. I mean, you can, but the floor is sagging.</p><div type="image" title="Walnut Hill house." height="1875" width="2500" msid="96965895" hostid="261" sizebytes="527236"></div><p>It didn't scare me too much, because I had my awesome contractor next to me. If there weren't solutions, it would have scared me. But the solutions, though expensive, are very clear-cut. </p><p>People ask how long the restoration's going to take. I'm like, "The rest of my life."</p>

I spent $165,000 on a 215-year-old home I found via Instagram. It's falling apart, but I have big plans.

<ul><li>FM increased customs duty on precious metals, articles of gold, silver and platinum and imitation jewellery in the Budget 2023-24.</li><li>Increase in import duty will raise prices of silver and <keyword id="571733" type="General" weightage="20" keywordseo="silver-jewellery" source="Orion">silver jewellery</keyword>, which will impact demand and will also be detrimental to refineries, said CRISIL.</li><li>Import duty on articles made of precious metals increased to 25% from 22%.</li><li>Higher tax increases the cost for consumers as the country imports most of the bullion it consumes.</li></ul>Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. <br /><br />To make matters worse, basic customs duty has been hiked on articles made from gold bars. <br /><br />Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. <br /><br />“I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” said FM in a budget speech in Parliament. <br /><br />The centre did not raise import duty on gold as India had raised its import duty on gold in July 2022 to 12.5% from 7.5%. India meets most of its gold demand by importing the precious metal. <br /><br />The basic customs duty on silver was raised to 10% from 7.5%; and agriculture infrastructure and development cess (AIDC) on imports to 5% from 2.5%. <br /><br />“Increase in import duty will raise prices of silver and silver jewellery, which will impact demand and will also be detrimental to refineries,” said CRISIL in a report. <br /><br />The import duty on articles made of precious metals was increased to 25% from 22%. Higher tax increases the cost for consumers as the country imports most of the bullion it consumes. <br /><br />“Rise in import duty on imitation jewellery will raise product prices, impacting demand,” said CRISIL in a report post budget. <br /><br />Share prices of most jewellery stocks were trading lower on Thursday<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jewellery stocks <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PC Jeweller<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.01%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Jewellery Industries<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kalyan Jeweller<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.07%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tribhovandas Bhimji Zaveri<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.96%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.23%<br /><br /></td></tr></tbody></table><br />Industry body Gem &amp; jewellery export promotion council (GJEPC) said that the industry had recommended reduction in import duty on gold/silver and platinum, which has not been considered in the Budget. “Council will continue to pursue the same with the government for the overall welfare of the industry,” said GJEPC. <br /><br />The council said that the rise in import duty will increase prices of silver products in domestic markets.<br /><br />“The Union Finance Minister has also rationalised the import duty on silver by proposing to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum. However, that will have a net effect of an increase of around 5% duty at import level for silver resulting in increase of price for silver products domestically,” added GJEPC.<br /><br /><strong>Lab grown diamonds to boost gold demand, say experts <br /></strong>Meanwhile, the FM has reduced basic customs duty on seeds used in manufacturing of lab grown diamonds from 5% to Nil. <br /><br />The government sees lab grown diamonds as a technology and innovation driven emerging sector with high employment potential. These environmentally friendly diamonds have optically and chemically the same properties as natural diamonds. <br /><br />To encourage indigenous production of seeds and machines and to reduce import dependency in the long run, a research and development grant will be provided to one of the IITs for five years as announced in the budget. <br /><br />“The government’s innovation-led and technology-driven approach reflects in its investment towards research on lab-grown diamonds, which will generate new employment opportunities, while resonating with the export as well as urban Indian market,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers.<br /><br />The increase in import duty of silver is unlikely to impact significantly to Kalyan Jewellers. “The increase in the import duty of silver will not have a significant impact for us (Kalyan Jewellers), as our primary focus is on gold, diamond and other precious stone studded jewellery,” said Kalyanaraman. <br /><br />Further, lab grown diamond research funding is likely to benefit Vaibhav Global, manufacturer of fashion jewelry, says analysts at Goldman Sachs. <br /><br />Experts say that as lab grown diamonds become more popular and cheap it will eventually reduce demand for natural diamonds and improve demand for gold. <br /><br />“The government also gave a thrust to the lab-grown diamonds industry by reducing the basic customs duty on seeds used in their manufacturing. If lab-grown diamonds become more mainstream in the time to come, it could be positive for gold demand as demand for natural diamonds and thus their prices and appeal as an investment asset declines,” said Ghazal Jain, fund manager- alternative investments at Quantum AMC. <br /><br /><strong>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-says-it-would-not-have-been-morally-correct-to-continue-with-adani-enterprises-fpo/articleshow/97542675.cms">Gautam Adani says it would not have been ‘morally correct’ to continue with Adani Enterprises FPO</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/gautam-adani-calls-off-adani-enterprises-fpo-after-28-crash-in-stock-price/articleshow/97534098.cms">Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price</a></strong><br />

Gold and silver jewellery to get a lot more expensive

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul class="summary-list"><li>My husband and I <a href="https://www.businessinsider.com/biggest-mistakes-when-buying-home-real-estate-what-to-avoid-2019-6">bought our first home together</a> in Hamilton, Ohio - it was in between our jobs, so neither one of us would have a terrible commute.</li><li>We paid under $100,000 for the house, but it's an older home and has some quirks.</li><li>We think it was a steal, though, since it's in a great location and our monthly bills come to about $1,000.</li><li><a href="https://www.businessinsider.com/yourmoney?utm_source=bullet">Read more personal finance coverage</a>.</li></ul><p>When my husband and I got engaged, we started <a href="https://www.businessinsider.com/millennials-buying-first-house-tips-advice-2019-1">shopping for our first home</a> together. Up until then, we'd both always <a href="https://www.businessinsider.com/how-to-rent-a-house-a-guide">rented apartments</a> or rooms in apartments.</p><p>We had a unique challenge: Our jobs were a total of about 1.5 hours away from each other. I wanted to take on a bit more of the commute (I'd chosen my job <em>knowing</em> it would create this giant commute; he applied for and got his job earlier) and we wanted to live somewhere between the two cities where we were employed. That landed us in ... Hamilton, Ohio.&#xa0;</p><p>Lucky for us, we were able to <a href="https://www.businessinsider.com/mortgage-tips-first-time-home-buyer-2019-5">buy our first house</a> for under $100,000. Here are the factors that we think made it such a steal.</p><h2><strong>Location, location, location</strong></h2><p>Hamilton is a city of 60,000 people, which makes it substantial but not a big city by any stretch; it's too far from Cincinnati to really be a suburb - about a 40-minute drive - but it isn't really out in the middle of nowhere either.&#xa0;</p><p>Our area is not a high-income zone. We've experienced, like other cities in the Rust Belt, problems with factories closing down and jobs heading to other places.&#xa0;</p><p>Near Hamilton are a few more prosperous towns where the cost of housing is higher. In nearby towns like West Chester, homes are much more likely to go for higher amounts for the same square footage as Hamilton. According to Zillow, the median house price for Hamilton homes is $161,600, while West Chester has a median price of $243,000.&#xa0;</p><p><em><strong>Looking for your first home? Find out how much house you can afford:</strong></em></p><p>We made the choice to live in Hamilton instead of the other towns around us based on these housing prices as well as the commuting distance to our jobs.</p><p>We discovered that Hamilton is experiencing a lot of urban renewal and that there are lots of great civic organizations functioning here, so opting for an up-and-coming town was a good choice for us.</p><h2><strong>Older home vs. new construction</strong></h2><p>By opting for a home built in 1912 or so (the records are murky), we got a lot of charm but also a not-ideal amount of future maintenance.&#xa0;</p><p>A very thorough property inspector helped us verify that we'd need some serious repairs, though the previous owners had been in the house for 30 years and had done a great job keeping it updated.&#xa0;</p><p>Within the first two years, we replaced a hot water heater, fixed a broken chimney (nothing with roofing is cheap), and had a dead and dangerous tree taken down. Those costs - $600, $2,500, and $450, respectively - were not chump change.&#xa0;</p><p>The third and fourth years of living in the house were much less costly by comparison, but we're saving for when the furnace or central air inevitably bite the dust.</p><p>While by no means ideal, even a few thousand dollars' worth of repairs didn't raise the overall cost of owning our home by very much. Opting for more recent construction - and a higher price tag - would have made it much less possible for us to purchase a home.&#xa0;</p><p>We also feel that we got a better deal than we would have in a house with newer construction, since our home has stained glass, hardwood floors, and beautiful detailed woodwork on the staircase, all things that would be out of reach of our budget if we went with a newer home.&#xa0;</p><h2><strong>Oddities of the house&#xa0;</strong></h2><p>While these things don't bother us, there are some oddities that we notice about our home. For one thing, our yard is not large (just 0.11 acres), which mostly means that mowing it is easy. It'd be a bad fit for a family with a super-active dog or two, though.&#xa0;</p><p>It also had only one bathroom when we moved in, and the bathroom was on the second floor. We've since changed a big closet on the main floor into a bathroom, but I can see how "four bedrooms, one bathroom" was a tough sell, since families with enough members to need four bedrooms are likely to want at least two bathrooms in their homes.</p><p>The last thing I thought might have helped us score a lower price is that the kitchen is small and not modern, a little galley off the main area of the house. I don't mind it, but it doesn't have that "open-plan living room/dining room/kitchen" look that is so popular right now.</p><p>While we don't know for sure, I believe that the $98,000 list price we saw when we first considered the house was artificially low already because of these quirks.&#xa0;</p><p>Houses of similar size in our area were going for a little more, around $110,000, and the original list price of the house, before we saw it, was $105,000.&#xa0;</p><p>We placed an offer of $93,000, since we liked the house but weren't in a rush to buy, and they countered with $96,500. When the inspector's report showed some needed repairs, we documented what they would cost and were able to negotiate another $3,000 down for a final cost of $93,500.</p><h2>Our mortgage interest rate is low</h2><p>Between my husband and I pooling some savings, we were able to put 20% down. That offered some benefits on costs like <a href="https://www.businessinsider.com/what-is-private-mortgage-insurance-definition-cost">private mortgage insurance</a>, which is required for smaller percentages.&#xa0;</p><p>We also opted for a 15-year mortgage with a low interest rate of 3.25%. While literally everyone told us that it is perfectly fine to keep a mortgage long-term at such a <a href="https://www.businessinsider.com/how-to-find-the-best-mortgage-rate">low interest rate</a>, both of us really loved the idea of paying off our house in under 30 years if we could.&#xa0;</p><p>Others said that the lower monthly payment on a 30-year mortgage would increase our cash flow, but we liked the slightly higher monthly payment with the lower interest rate (the rate would have been closer to 3.75% for 30 years).</p><p>We&#xa0; also figured out property tax in our area (around $2,000 a year on our house's current valuation, which was just a little lower than what we paid for it) and we figured out what it would cost to insure it ($1,200 a year, once we found a good insurance agent).&#xa0;</p><p>When everything was said and done, our monthly bill amounted to around $750 for property tax, home insurance, and our mortgage itself. We'd seen one-bedroom and two-bedroom places that cost more than that in rent.&#xa0;</p><p>We also worried that utilities would eat us alive - after all, 1,800 square feet feels like too much for two people. But it has worked out: With a smart thermostat that keeps us from heating and cooling excessively when we are out of the house, our bills for all climate control, electricity, water, sewer, and trash rarely break $200 per month. This probably varies by location, but it was good enough for us.&#xa0;</p><h2>The takeaway</h2><p>If you divide everything out, we've been paying something like $1,000 a month, including occasional repair and upgrade projects on the building, to live in our beautiful old house. We like the low cost of living in Hamilton, and we try to pay ahead on the mortgage whenever we can.</p><h3><strong>Can you afford to buy a home? Use this calculator to find out:</strong></h3><ul class="read-more-links"><li>More <a href="https://www.businessinsider.com/category/personal-finance-insider">personal finance</a> coverage</li><li><a href="https://www.businessinsider.com/best-airline-credit-card-comparison-delta-united-american">What's the best airline credit card?</a></li><li><a href="https://www.businessinsider.com//best-cash-back-credit-cards">The best cash back credit cards</a></li><li><a href="https://www.businessinsider.com/are-cds-a-good-investment">Are CDs a good investment?</a></li><li><a href="https://www.businessinsider.com/when-to-save-money-in-high-yield-savings">When to save money in high-yield savings</a></li><li><a href="https://www.businessinsider.com/best-rewards-credit-cards">Best rewards credit cards</a></li></ul><p class="tagline"></p><p style="font-size:14px;"><em>Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.</em></p><div></div><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/jake-bernstein-panama-papers-offshore-banking-shell-companies-2018-2">How the super-wealthy hide billions using tax havens and shell companies</a></h3>        <div>                    </div>    </div>

Here's exactly how much it costs to own my 4-bedroom, 2-bathroom home outside of Cincinnati

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul class="summary-list"><li>I've owned two homes in Minnesota; <a href="https://www.businessinsider.com/things-i-wish-id-know-before-becoming-a-landlord">I bought my first in 2012</a> and <a href="https://www.businessinsider.com/what-it-costs-to-own-my-home-in-the-minneapolis-suburbs">my second in 2017</a>.</li><li>When I bought my first house, I was paying $2,200 a month in rent, so I thought a house with a small mortgage would be cheaper - it wasn't.</li><li>I wish I'd known a few things before becoming a homeowner, including the hidden costs of maintenance and how difficult it can be to find a realtor and lender who work well together.</li><li><a href="https://www.businessinsider.com/yourmoney?utm_source=bullet">Read more personal finance coverage</a>.</li></ul><p>My journey with <a href="https://www.businessinsider.com/how-to-buy-a-house-step-by-step-guide">home ownership</a> has been complicated. Since my husband and I got married in 2011, we've purchased two homes: one in 2012, and another in 2017.</p><p>If we had just stayed in our 2012 home, made money on the sale, and <a href="https://www.businessinsider.com/what-it-costs-to-own-my-home-in-the-minneapolis-suburbs">purchased again in 2017</a>, there probably wouldn't have been any problems. But we took a more roundabout path.&#xa0;</p><p>After our son was born in 2014, I quit my office job to stay home and finances were tight. To make ends meet, <a href="https://www.businessinsider.com/things-i-wish-id-know-before-becoming-a-landlord">we rented out our 2012 house</a> and moved into a cheap, old apartment to save money. Not a bad move.&#xa0;</p><p>When our second son was born in 2017, though, we upgraded to a fancier apartment downtown. After that lease ended, we were at a crucial crossroads: Would we keep "throwing money away" on rent, move to a smaller, cheaper apartment, or buy? We opted to purchase.&#xa0;</p><p>While we don't have any major regrets about our twists and turns between homes, we definitely could have thought things through more carefully to protect our finances.&#xa0;</p><p>Here are a few things I wish someone had told me before we took the leap into home ownership.</p><h2><strong>Owning a house is expensive&#xa0;</strong></h2><p>It may seem obvious, but home ownership comes with so many hidden costs - and in some cases, <a href="https://www.businessinsider.com/when-renting-is-better-than-buying-a-home">renting could be the smarter financial move</a>.&#xa0;</p><p>When we purchased our 2017 home, we were paying $2,200 a month on an apartment in the middle of Minneapolis. Buying a home made sense to us at first, since our house payment would be $400 less than our rent.&#xa0;</p><p>But we failed to consider that renting also meant we weren't paying for home maintenance.&#xa0;</p><p>When we bought the house, we also spent money on a lawn mower and other lawn-maintenance tools. Within the first year of purchasing, we paid landscapers, a chimney sweep, and an HVAC contractor to keep up with our house's issues.&#xa0;</p><p>I also wish I had known that a home with more space means buying furniture to fill it. Compared to our tiny two-bedroom apartment, our house felt like a castle, which meant we dropped a good amount of money on furnishing the rooms.</p><h2><strong>Dipping into your 401(k) for a down payment isn't worth it</strong></h2><p>When we hopped into home ownership, we wanted to benefit from cheaper monthly payments. But because we'd been spending so much of our income on rent, we didn't have much extra to set aside for a down payment.&#xa0;</p><p>Unfortunately, we decided to withdraw from my husband's 401(k) to increase the down payment on our 2017 home so we'd have a lower monthly payment. It wasn't a great choice. Not only did we basically drain his retirement savings, but we also paid a tax penalty on the withdrawal.&#xa0;</p><h2><strong>Freelancing can make it hard to buy</strong></h2><p>My husband and I felt like we were in a stable financial position when we went to get pre-approved for our 2017 mortgage. He was making a decent salary, and I had been growing my freelance business for the past year.&#xa0;</p><p>Then we learned from our mortgage officer that for my income to count towards our pre-approval, I had to have two years of 1099s.</p><p>I only had one year, so we could only use my husband's income for our pre-approval - which meant that even though we could technically afford a more expensive home, we were limited to purchasing one that his income would cover. Luckily, next time we buy, I'll have several years of freelancing under my belt.</p><h2><strong>Find a mortgage broker/realtor team that works well together&#xa0;</strong></h2><p>I had no idea how frequently our mortgage officer and real estate agent would be in touch during the pre-approval and search process.</p><p>When we bought our first home in 2012, we opted for a mortgage officer a friend had recommended and a realtor another friend suggested. The experience was fine, but the pair had never worked together, so communication was slower.&#xa0;</p><p>When we bought our second house in 2017, we let our realtor recommend a loan officer he enjoyed working with. I was impressed by how efficiently the two communicated, and the entire process went smoother than I could have imagined.&#xa0;</p><h2><strong>You may have to settle on negotiables&#xa0;</strong></h2><p>Going into the search process, I had far too many non-negotiables for the home itself. I wanted at least three bedrooms and two bathrooms, at least twice the square feet of our apartment, a fenced-in yard, central air, and an updated kitchen. No wonder the results on our MLS were scant.&#xa0;</p><p>By opening up our search prospects to include houses with one bathroom, we found a home we wouldn't have otherwise come across. The house was cheaper than options with multiple bathrooms, so we hope to add a second when we can afford it.&#xa0;</p><h2><strong>It can pay to expand your search</strong></h2><p>Having lived in the city for most of my adult years, I was resistant to the prospect of moving to the suburbs. I had just had my second son when we set out to buy our home, and I didn't want to be "that parent" - the one who buys a minivan and moves out of the city.&#xa0;</p><p>Unfortunately, limiting our search to very specific neighborhoods in the city left us with few options we could afford. If we wanted a nicer, bigger home with a yard (and lower property taxes), we realized we'd have to expand our search to at least the first ring of suburbs around our city.&#xa0;</p><p>After doing so, we <a href="https://www.businessinsider.com/what-it-costs-to-own-my-home-in-the-minneapolis-suburbs">found and made an offer on our house</a> within a few days, and we haven't regretted it! Sometimes letting go of expectations is the best way to find what you need.</p><h3>Ready to buy a home? Find out how much house you can afford:</h3><ul class="read-more-links"><li>More <a href="https://www.businessinsider.com/category/personal-finance-insider">personal finance</a> coverage</li><li><a href="https://www.businessinsider.com/best-airline-credit-card-comparison-delta-united-american">What's the best airline credit card?</a></li><li><a href="https://www.businessinsider.com//best-cash-back-credit-cards">The best cash back credit cards</a></li><li><a href="https://www.businessinsider.com/are-cds-a-good-investment">Are CDs a good investment?</a></li><li><a href="https://www.businessinsider.com/when-to-save-money-in-high-yield-savings">When to save money in high-yield savings</a></li><li><a href="https://www.businessinsider.com/best-rewards-credit-cards">Best rewards credit cards</a></li></ul><p class="tagline"></p><p style="font-size:14px;"><em>Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.</em></p><div></div><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/japanese-melons-cost-price-so-expensive-japan-2019-6">These melons can sell for as much as $22,500 each in Japan</a></h3>        <div>                    </div>    </div>

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