Budgeting for the Real Cost of a Home

When you’re house hunting, it’s so easy to focus on that big, shiny price tag. But here’s the thing: the list price is just the beginning. The real cost of homeownership goes well beyond the number you see on Zillow.

I can’t tell you how many times I’ve sat down with buyers who felt like they had their budget dialed in, only to realize they hadn’t accounted for all the extras that come with owning a home. And listen, it’s not your fault—this stuff doesn’t always show up on the mortgage calculator.

So let’s break it down. Here are a few hidden costs that can add up quickly:

Property Taxes & Insurance:
Depending on where you live, these can add hundreds of dollars to your monthly payment. On average, property taxes alone can increase your mortgage by 10-15%.

Maintenance & Repairs:
Experts recommend budgeting 1-4% of your home’s value each year for routine maintenance and unexpected repairs. That means for a $300,000 home, you could be looking at $3,000–$12,000 a year.

Utilities:
Moving into a bigger space? Expect bigger bills. Heating, cooling, water, trash—it all adds up, and it’s rarely something buyers think about ahead of time.

HOA Fees:
If you’re buying in a neighborhood with an HOA, make sure to check the monthly or annual dues. They vary widely but can range anywhere from $50 to $500/month.

So what does this mean for you?
If you’re in the market, make sure your “budget” includes the full picture. The goal is to love your home—and feel comfortable with the payments that come with it.

The good news? You don’t have to figure this out alone. When we work together, I help you plan beyond the price tag, so you can make decisions that feel good long after closing day.

Have questions about what the real cost of a home is and how much you can actually afford? I’m always happy to talk through it—no pressure, just good info. Contact me here!