🧾 The Hidden Costs of Owning a Home: What Buyers Need to Know

Buying a home is exciting — but if you’re only budgeting for your mortgage, you’re not seeing the full picture.

Let’s break down a few of the hidden costs that often catch new homeowners off guard:

🛠️ Maintenance & Repairs

Your furnace doesn’t care about your budget. Whether it’s replacing a roof, fixing a leaky basement, or annual HVAC tune-ups, it’s smart to set aside 1–3% of your home’s value each year for upkeep. That’s $5K–$15K annually on a $500K home.

💡 Utilities

Heat, hydro, water, internet — it adds up. Depending on your location, home size, and efficiency, monthly bills could range from $300 to $700+. Don’t forget water heater rentals or service fees that may come standard in your area.

🏠 Property Taxes & Insurance

Municipal taxes vary widely, but expect to pay several thousand dollars a year. Home insurance typically runs $100–$150/month, depending on the property and coverage level.

🏡 Condo or HOA Fees

If you’re buying into a condo or community with a homeowners association, monthly fees could range from $250 to $700+. These often cover building maintenance, but not always major systems like windows or HVAC.

🪴 Landscaping & Snow Removal

If you’re not handling it yourself, factor in seasonal services. It’s easy to spend $1,000+ per year just to keep the property looking sharp

Bottom line: Homeownership builds long-term wealth — but it comes with real responsibilities. Planning for the hidden costs keeps you in control and stress-free.

Need help figuring out what’s realistic for your budget?

Let’s run the numbers together — I’ve got your back.

📞 Book a quick call here → BOOK NOW