The Hidden Costs of Homeownership – What Every Buyer Should Know

Buying a home is exciting, but are you prepared for the hidden costs? Many buyers budget for their mortgage but overlook expenses that can add up fast. Here’s what you need to know:

1. Property Taxes & Home Insurance

Your mortgage payment isn’t the only monthly expense. Property taxes vary by location, and home insurance is a must to protect your investment.

2. Maintenance & Repairs

• Roof repairs, plumbing fixes, and appliance replacements can be costly.

• A good rule of thumb: set aside 1-3% of your home’s value annually for maintenance.

3. HOA Fees & Utilities

• If your home is in an HOA community, expect monthly fees.

• Utility costs fluctuate—especially with larger homes.

4. Unexpected Expenses

• Need a new water heater? Tree removal? These surprise costs can sneak up on you.

• A home warranty can help offset major repairs.

💡 Pro Tip: Budget beyond your mortgage payment so these costs don’t catch you off guard!