What hidden costs of homeownership did you not expect?

Personal Finance

Closing on my first house next month (exciting and terrifying). Everyone talks about the down payment and mortgage but what else should I budget for? I have an emergency fund but dont want any surprises. What costs blindsided you as a new homeowner?

Megan Clark

3 Answers

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Congrats! Heres what hit me that I didnt fully budget for:

Immediate costs:

Stuff for an empty house: curtains/blinds (-2000), basic tools (), lawn mower (-500), hoses, cleaning supplies

Changing locks (-200 unless you DIY)

First month utilities before you know what theyll actually be

Ongoing surprises:

Water heater died year 1 (,200)

HVAC maintenance twice a year (-200 each)

Lawn care if you dont DIY (I spend /week in summer)

HOA special assessments if you have HOA

Property taxes can increase significantly

Home insurance keeps going up

Rule of thumb: budget 1-2% of home value annually for maintenance and repairs. k house = -6k/year for stuff that breaks.

My advice: Keep -15k liquid after closing specifically for house stuff. The first year is expensive getting everything set up. After that it evens out somewhat. Worth it though!

Joshua Anderson

Nobody warned me about special assessments if you have HOA. Got hit with a ,500 "special assessment" for roof repairs on the common areas 6 months after buying. Read those HOA financials carefully before buying.

Amanda Wilson

Landscaping costs add up fast. Between lawn service, mulch, plants, and tree trimming Im easily spending k+ a year that I never accounted for. And property taxes only go up never down.