A Division of Silverhawk Realty

Additional Costs of Owning a Home

There’s a lot to consider when buying a home. How many bedrooms? How many bathrooms? How far is the commute to work? The nearest shopping center? Is there room for a home office? There’s a lot to consider, but consider this: how much is the final cost of the house? Sure, there’s the tagged price, but what’s not included on the tag may be something you should factor in as if it were.

Closing Costs

Closing costs differ depending on the type of property and its location. Common costs associated with the purchase of a home include a charge for pulling your credit report, a survey fee in which the property’s boundaries are confirmed. Expect to pay for a professional inspection of the home as well as charges by the lender such as a loan origination fee which is the fee charged for processing any paperwork that pertains to the loan.

Property Tax

Property tax is calculated as a percentage of the determined value of the home. Many are aware of the property taxes due after the purchase of a home, but few are as educated about what’s called “special assessments”. Ask your real estate agent about what the special assessments that come along with your dream home are. They depend on location and age of the home and are important when figuring the true cost of your new house. Generally, the newer the home, the more special assessments are attached to cost of the home.


Many buyers seem to have a strong preference for or against living within a Homeowner’s Association. Some love the uniform look of a tidy neighborhood where each shrub is planned and every mailbox looks the same. Know ahead of time the perks and amenities that come along with living within the association and what fee you are expected to pay as a contribution to these services.


Do you play the piano? Would you rather not haul the family’s beloved baby grand through door frames and on and off trucks yourself? Prepare to pay for such conveniences. Even in a do-it-yourself (and eight of your strongest friends) situation, there are still costs involved. Add boxes, tape, truck rental, insurance and all other moving-related expenses to the purchase of a home.


Do you dream of your next home having a pool? Have you factored in the additional maintenance costs that come with owning a pool? This is a point you may want to keep in mind when trying to remain within a set monthly budget. Gather quotes from pool services in the area to get an idea just how much extra a pool amenity will cost you in the long run.


Houses that have been unoccupied for a number of months may have additional problems such as black mold and frozen pipes. Additionally, if the house you plan to buy is a fixer-upper, be sure to calculate the cost of repairs and remodels to the final price tag.


The cost of insurance may vary based on the area the house is located and also the type of mortgage loan. Extra coverage is available for earthquake, fire, flood and tornado. If you will be living in a zone recognized as high risk for any of these types of natural disasters, it is definitely a good idea to look into the cost of that premium coverage, as chances are you’ll almost certainly be paying a pretty penny for it.

If you have any questions regarding the sale or purchase of a home, please contact me. I would be more than happy to help!


Search the MLS

Use this search to find your dream home.

Advanced Search >>
Advanced Search

Select A Class