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Purchasing a home is a significant investment, many first time buyers focus only on the monthly mortgage payment and overlooking the other costs associated with homeownership.  It's important to plan for expenses beyond the mortgage itself.  Some hidden costs to look out for include: 

Property taxes:  Property taxes vary and are included as a percentage of your home's assessed value.  Don't assume taxes will be at what the current owner is paying.  

Homeowners Insurance:  The cost of insurance can vary depending on the coverage level.  Policies typically cover damages from fires, storms, and theft, but you may need additional coverage for events such as floods or earthquakes, adding to your overall expense.

Maintenance and repairs: Owning a home means taking responsibility for all maintenance and repairs. Routine upkeep, such as caring for the lawn, cleaning gutters, and servicing heating, ventilating, and air conditioning systems, adds up over time. And fixing a leaky roof or replacing a broken appliance can be costly; be sure to leave room in your budget for any unexpected repairs.

Utilities and services: Utility costs, including electricity, water, gas, and trash removal, are ongoing expenses that can be higher than expected, especially if you're moving into a larger home. Some homeowners also choose to invest in services such as pest control, lawn care, or home security systems, all of which add to the monthly bills.

Homeowners association fees: If your home is in a community with a homeowners association, you'll likely pay monthly or annual fees. These charges cover the maintenance of common areas and amenities and can vary significantly depending on the community.

To ensure a smooth homeownership experience, budget for these hidden costs from the start. By planning carefully, you'll avoid financial stress and enjoy your new home without unexpected financial burdens.