Revealed Truths About Hidden Costs When You Buy A House

Maintenance and Repairs

Homeownership comes with the responsibility of maintenance and repairs, which can be unpredictable and costly. On average, homeowners should budget about 1% to 3% of the home's purchase price annually for maintenance³. This includes everything from minor fixes to major repairs, such as roof replacement or HVAC system upgrades.

Homeowners Insurance and HOA Fees

Homeowners insurance is a mandatory expense that protects your investment from unforeseen events like natural disasters or theft. The cost of insurance varies based on factors such as location, home value, and coverage level⁴. Additionally, if your home is part of a homeowners association (HOA), you'll need to pay monthly or annual fees for community maintenance and amenities. These fees can range from a few hundred to several thousand dollars annually.