16 Hidden Costs of Owning a House That Nobody Really Talks About

The cost of owning a home is more than just your down payment and monthly mortgage. It's dangerously easy to overlook the extra costs of homeownership that people rarely discuss.

So, before you buy your next house, factor these hidden costs into your calculations. Doing so can help you avoid foolish money mistakes as a homeowner.

Let's start fairly simply. If you're currently searching for a home, these are probably on your radar.

Closing costs are part of most home purchases. While your down payment is likely to be top of mind, don’t forget to account for broker fees, title insurance, pre-paid property taxes, and more.

A bigger home doesn’t just mean more space. If you’re upgrading to a larger house, you'll likely have bigger utility bills.

For example, it might cost more to heat or cool the space. Or perhaps you'll need more electricity for all the extra lights in the home. 

A bigger yard could mean a higher water bill in the summer when you’re running sprinklers to keep things green.

Routine maintenance on your HVAC system — such as an annual check to ensure everything is in working order — is wise, but it also costs more money.

HVAC systems also generate a big bill if something goes wrong. So factor in any additional costs for repairs or potential replacement.

If you live in a place with trees, it’s a good idea to add gutter cleanup to your maintenance list each year.

When estimating the cost of annual gutter cleaning, factor in the size of your house and the number of trees on your property.

Radon is a gas that can cause serious health issues if the home is not vented properly. A radon test that finds high levels of radon will mean costs for venting and mitigation to get the issue under control.

Lint and other debris can cause issues with your dryer or even start a fire. Have someone come to your home to clean out any debris and lint from the vent that could cause issues.

And don't forget to regularly clean the lint filter in your dryer.

Some jobs around your home require a specialist or handyman to fix them. But there are many other tasks you may be able to fix on your own, like nailing something into the wall or assembling furniture.

So expect to invest in a good toolkit, including some pieces you might need on a regular basis. Also, consider investing in a step stool or small ladder to help you reach light bulbs and other items above your head.

When you own a home, something will inevitably go wrong. Perhaps you have a water leak that causes damage or an issue with your roof. Or maybe your furnace decides to give up one cold morning.

So when you create a budget for your home, set aside a little bit of cash each month for your emergency fund. Having this money available when you need it can help you get out of debt by preventing you from turning to credit cards to cover sudden expenses.

Your lender may require you to purchase homeowners insurance before you close on the home. And in truth, even if you buy a home in cash, it’s essential to have this type of policy.

Review all your options for what your insurance will cover before you settle on a policy. Remember to factor in the cost of the home structure itself, as well as how much it might cost to replace all the contents inside.

Find out in advance if your home comes with a monthly or yearly homeowners association fee. This type of fee might cover trash and snow removal or amenities such as a neighborhood pool or playground.

HOAs may also have regulations about the appearance of your home. So remember to check the rules before making visible changes, like painting your home a different color or changing landscaping options.

Depending on where you live, regular extermination protection might be essential to keeping creepy crawlers out of your home.

The cost may also include keeping rodents or ants at bay and regular checks for termites, which can cause major damage to your home’s structure.

If you own a home with landscaping, factor in any costs associated with maintaining it. A lawn service can take care of your grass on a regular basis, or you might prefer to buy a lawn mower and do it yourself.

You may need to maintain a sprinkler system, including winterizing it near the end of the year.

Property taxes can vary from city to city and state to state. They can also change each time the value of your property is assessed.

Check with the government agencies that oversee your property taxes to get a general idea of the rate for a particular home and how much that rate might fluctuate.

Once you buy a home, you need to decorate it for both fun and function. Try to set aside a budget for furniture such as sofas, beds, and seating.

You may also want to consider electronics, wall art, and small touches that showcase your sense of style.

Security systems can protect your property, but they also have a price tag. So account for the purchase and installation of a security system. Also, add the monthly monitoring costs to your budget.

Check with your homeowner's insurance provider to see if it offers discounts on your policy for having a security system.

You may want to add an outdoor space to your property, like a patio or porch. Consider the cost of adding that space and the regular maintenance that goes with it.

Also, consider outdoor furniture costs or the price of purchasing and maintaining a grill.

Owning a home has advantages, but the costs can add up quickly if you’re not prepared.

Consider creating a budget to help you keep track of your home's costs. Then, make sure you save enough money — or earn enough extra income — to cover the expenses that too many homeowners overlook.