The Costs of Owning a Home, Explained
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The Costs of Owning a Home, Explained

Jun 18, 2023

It’s no surprise that buying and owning a home comes at a significant cost. It’s likely one of the biggest financial investments you’ll make. There are expenses associated with homeownership that you’re likely aware of and have already budgeted for, like mortgage payments and insurance. However, there are some costs of owning a home you might not have considered. While budgeting for common expenses is key, learning about and preparing for the lesser-known costs may help save you some stress as you take on this new financial journey.

When you become a homeowner, certain bills become a part of your known financial responsibilities. These expenses are consistent with most households and typically require careful consideration when calculating your monthly expenses. To help prepare, here’s a list of bills to pay when owning a house:

Do note that while the above list is meant to help you budget, there are many other expenses that come along with homeownership. The above examples are typically universal no matter what home you buy. The next section will cover examples of common expenses that may be more dependent on your lifestyle or where your home is located.

In today’s complex and technologically savvy society, there are other common expenses of owning a home. While your personal cost of living may not include some of the following expenses, they are frequently encountered:

Beyond your typical household bills and other common expenses lie the hidden costs of homeownership. Do note that the items in the following list aren’t guaranteed hidden costs, but some of the ones that might be worth considering:

An adventure is defined as “an unusual, exciting and sometimes unknown activity,” which certainly holds true to homeownership. Just like preparing for any adventure, there are things you know you should take with you and some things you learn along the way. Hopefully, the lists above helped give you some idea of the hidden costs of homeownership, so that you’re better prepared to budget accordingly on your adventure.

Mortgage payments:Insurance premiums:Property taxes:Utilities:Heating, ventilation and cooling (HVAC) system:Moving costs:Internet:HOA fees:Cable or streaming subscription services:Landscaping:Upgrades and renovations:Pest control:Snow removal:Home security:Mold control:Unexpected repairs:Flood, fire and disaster damage: