The Hidden Costs of Home Ownership

Homeownership comes with many hidden costs that can add up over time, often beyond just the mortgage payment.

Here are some of the top national hidden costs and their average dollar figures in the U.S. (these can vary widely based on property characteristics and location):

- Closing Costs - 2% - 5% of the sale price (one time expense)

- Mortgage Insurance (PMI) - 0.3% - 1.5% of the loan per year.

- Annual Maintenance - $3,000 to $6,000/year

- Property Taxes - $3,000 - $5,000/year

- Insurance - $1,000 - $2,500/year

- Utilities - $330/month (average)

- Renovations - $5,000 - $15,000 (every few years)

- HOA Fees - $300 - $800/year

- Landscaping - $150 - $250/month 🌿

- Pest Control - $50-120/quarter 🐜🕷

- Emergency Repairs - $2,000 - $5,000/year

These hidden costs can accumulate quickly, so it’s important to plan for them when budgeting for homeownership.

Which one of these surprised you the most?👩‍💼