Hidden Costs of Owning A Home

There are many hidden costs when it comes to life- kids, pets, travel, commuting, and more. Everything costs money and we spend our lives trying to mitigate those expenses. When you buy a home you often aren’t prepared for the little costs that eventually stack up into very big credit card bills- here are a few hidden costs of owning a home to watch out for in the future.

1. Taxes. When you purchase a home you become in charge of paying taxes on that property. This information can usually be found easily, so make sure to budget that tax money into your monthly payments. Taxes often increase as well, which means you’ll be paying even more. You’ll also want to get home insurance to protect your investment, which is another monthly payment to tack on.

2. Appearances and fix-its. Sadly, the new things in your old house are going to become old things in your old house. Air conditioners, water heaters, windows, and gutters can break and crack and often are an unexpected and costly fixes. In the same way, paint peels and trees die; houses need repainting and landscapes need to be touched up which all costs money. Your lawn itself can cost and arm and a leg to upkeep, depending on how large it is; the time and money spent keeping the lawn clean and green amounts to more than you’d think.

3. Tools. If you haven’t been blessed with a toolbox yet you’re going to need one. Fixing loose curtains, rods, and window screens takes drills and screw drivers and hammers! You will also likely need a lawnmower, weed whacker, and the odd assortment of other tools that will be accumulated over the years which aren’t always inexpensive. You may only use them once or twice, but they will stay in your shed or garage for years to come.

4. Add-ons. Another hidden cost of home ownership are any changes that you might make to the house or property. Adding on a room, deck, patio, or outbuilding are going to change the value of your house (sometimes for the better!) but will also change the property taxes you are already paying.

5. Technology. You will find yourself paying a lot of the technology in your house, from electrical wiring to outlets to setting up wi-fi, televisions, and phone lines.

6. Cleaning. Cleaning a house is much different than cleaning an apartment! From kids to pets to general wear and tear you will find yourself with an army of vacuums, cleaning products and rag bags in no time. When something particularly unpleasant happens to a carpet you may have to rent a carpet cleaner. If you decide to hire a cleaning service that is going to be another way your home costs you money.

7. Emergencies. We all have them and no one is ever expecting them. From unexpected babies to accidentally backing your car into the fence, unexpected costs come up.

Home ownership is more than the accumulation of hidden costs, though. Owning a home is a great experience and the things that happen are simply life being lived!