The hidden costs of homeownership can catch buyers off guard, especially when they’re focused on the mortgage payment. According to a recent Zillow and Thumbtack report, homeowners spend an average of $16,566 per year on maintenance, property taxes, and insurance.
That’s nearly $1,400 a month beyond the mortgage principal and interest!
Whether you’re buying in Northern Virginia or West Virginia, understanding these expenses before making an offer can help protect your budget and avoid costly surprises.
What Does Homeownership Really Cost?
The report breaks down the average annual expenses beyond the mortgage:
- Home maintenance: $11,171
- Property taxes: $3,129
- Homeowners insurance: $2,266
Maintenance alone accounts for roughly two-thirds of these costs.
And while the overall growth in homeownership expenses has slowed to 2.8% over the past year, costs are still 31.7% higher than five years ago.
Homeowners insurance has seen the steepest increase, rising 54% over five years, compared with 32% for maintenance and 19% for property taxes.
Keep in mind these are national averages. Your actual expenses will depend on your location, property size, condition, and insurance coverage.
4 Ways to Avoid Unexpected Homeownership Expenses
A little planning before purchasing can make a big difference.
- Research insurance costs early. Get a preliminary quote for homes you’re seriously considering. Premiums can vary significantly by property.
- Look beyond your mortgage payment. Factor in property taxes, insurance, utilities, HOA fees, and ongoing maintenance when determining affordability.
- Build a maintenance reserve. Even newer homes require upkeep. Set aside money regularly for routine maintenance and unexpected repairs.
- Consider long-term upkeep. A larger home, aging roof, older HVAC system, or extensive landscaping can significantly increase expenses over time.
And don’t assume new construction means zero maintenance. While major repairs may be less likely initially, routine upkeep and future replacements still need to be part of your financial plan.
Buy Smart Today, Stay Comfortable Tomorrow
Buying a home isn’t just about what you can afford at closing. It’s about making sure you can comfortably afford to live there for years to come.
We help buyers throughout Northern Virginia and West Virginia look beyond the listing price, identify potential expenses, and understand what they’re getting into before making a commitment.
Thinking about buying a home? Let’s talk through the numbers and find a property that makes sense for your budget, both now and down the road.