The True Cost of Home Ownership

When first-time buyers think about buying a home, the mortgage payment usually gets all the attention. While that number is important, it’s only part of the overall cost of owning a home. Understanding the full financial picture upfront helps buyers avoid surprises and feel confident long after closing day.

Beyond the Mortgage Payment

Homeownership includes several ongoing expenses that renters don’t typically manage directly. These can include:

• Property taxes

• Homeowner’s insurance

• Utilities

• Routine maintenance

These costs vary depending on location, home size, and age, making local insight especially valuable.

Maintenance Isn’t Optional

Every home—new or old—requires upkeep. First-time buyers should plan for:

• HVAC servicing

• Roof and gutter maintenance

• Appliance repairs

• Lawn care and seasonal upkeep

A good rule of thumb is budgeting 1–2% of the home’s value annually for maintenance.

Planning for the First Year

The first year of homeownership often includes expenses such as:

• Window coverings

• Lawn equipment

• Minor updates or repairs

• Emergency fixes

Keeping a cash buffer helps buyers feel secure.

Confidence Comes from Clarity

Buying a home shouldn’t stretch finances to the breaking point. A realistic budget allows first-time buyers to enjoy their home—not worry about it.