Houses for Sale

Expenses That Come with Home Ownership

When you buy a new home, you should be aware of the expenses that you will take on as well. Home expenses don’t stop after closing costs, in fact, they grow exponentially the longer you own your home. Oftentimes, renters state that they could in fact be saving money if they were to purchase a home, however, this is not necessarily the case. The upfront costs alone are overwhelming, not to mention the thousands of dollars you will have to spend each year on maintenance, unexpected issues, and general upkeep on your home. It is important to be aware of as well as prepared for your future financial obligations when purchasing a home. Here are some common expenses you will have to cover.


When you purchase a home, you will likely wish to have some safety protocols in place. This means installing an alarm system and security lights. Apartments are typically well-lit, but you must purchase your own security lights for your home. The better your lighting, the more secure your home will be at night, especially if you often get in late. Alarm systems can also be pricey upfront, with an extra cost associated for monthly monitoring.

Pest Control

Pest control for a home needs to be done regularly to ensure that you do not have an infestation. This is essential, and if you neglect to have your property sprayed regularly, both indoors and outdoors, you will suffer the consequences. Renters can just call their landlord, but this is your responsibility now. You should expect to pay for pest control every three months or four times a year to ensure no pests are in or around your home. Costs vary depending on the size of your home but expect an average of around $173 per visit.

Property Taxes

Property taxes are another major cost that you will need to budget for prior to purchasing your home to make sure you can afford them. Add the cost to your monthly mortgage amount so that your budget plan can be as accurate as possible. Taxes can also increase, so make sure you have wiggle room in your finances.

Home Insurance

Home insurance is not cheap, and if you are comparing it to the renter’s insurance fee from your last apartment, the difference will be exponential. Older homes will have higher insurance rates due to the fact that they are more likely to have plumbing issues or faulty wiring. Not to mention, if you live in an area that is prone to earthquakes or other natural disasters, you will have to pay a higher fee to include hazard insurance. Insurance rates can also be increased at any time since your insurance company is allowed to look into your credit every now and then to make sure you are on top of your payments in other areas.

Lawn Care

Expect to pay around $300 for your lawn care each month including fertilizer, weed killer, snake treatment, garden upkeep, etc. You could opt to do your own lawn care; however, it will still be costly to purchase all of the equipment. It is good to stay on top of your lawn care and have your house look presentable, not to mention the fact that pests hide in high grass, so this is not a cost that can be put off or ignored.


While renovations are optional, if you opt to do any, the cost of materials will be quite high, and renovations also raise your property taxes quite a bit.

General Maintenance

There are a variety of different issues that could arise around your home unexpectedly. You might have to redo your grout work, clear out your gutters, get your roof repaired, and the list goes on. You need to be prepared for anything that might arise so that you can handle it swiftly.


Keeping a large space clean is very taxing. You will need to have the proper supplies, which can be costly considering a typical family home is much larger than an apartment. If your home is quite large and you don’t have much free time, you might seek out help from a cleaning service. These services are not cheap and can cost hundreds per visit. Homes are expensive to purchase and just as expensive to keep up. While these costs can be quite overwhelming, taking care of your house on a regular basis will save you some money in the long run and give you a sense of pride in owning your very own property.