Homeowner’s Expenses Other Than Mortgage

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You save for months and years to collect the down payment amount for the house. You keep on budgeting and adopting new ways, changing your lifestyle for making it possible to afford a house. Once you reach your goal, you start worrying about other expenses because all you save is gone in down payment and the mortgage is standing on your head.

Owning a home is not just Mortgage expenses, it’s more than that. You get to introduce to new expenses like plumbing, repairing, maintenance, etc, and as a house owner, you have to meet them all. Here, we will tell you the 8 expenses that come with house ownership other than the mortgage.

8 expenses that you must get ready for after owning a house

Let’s have a look what are these 8 expenses:

  • Tax

Homeowners need to pay tax regularly to help funds for road maintenance, schools, etc. this tax is calculated according to the value of your home.

You can find out the house tax record of previous owners easily and get an estimate of how much tax you have to pay. The tax amount keeps changing from time to time.


Some lenders wind up the tax amount in the overall mortgage amount of the homeowner. The amount of your monthly payment that goes for tax is kept in an escrow account till the bill is due. This releases the pressure from the house owner’s mind.

If your lender doesn’t give you an Escrow account facility, you must open a safe account where you can deposit the monthly tax amount regularly.

  • Insurance

Home insurance protects your house from any damage losses. The home insurance expenses vary according to the policy you apply for and what is your house type.

For example, If your house is old and has a swimming pool, the insurance amount will be more.


The insurance amount is also included in the mortgage just like the tax payment.

  • Utilities

You might be paying the utilities while living on rent but the bills will be double as you own a house. And if your house is bigger, you need to pay more utility bills. Ask the previous owner about their utility bills, you will get the idea.

  • Maintenance and Repair Funds

You are not required to save huge amounts for these bills but you have to pay them regularly. According to experts, you must keep 2% of your home value for maintenance every year. You can save money for these expenses in high yield saving accounts or money market accounts. The other option is purchasing a home warranty.

  • Home Owners Association fees

If you live in a  neighborhood, you need to pay HOA fees. HOA is collected to meet the shared expenses of the common amenities like security, garden, etc. These expenses can also add a few hundred dollars to your monthly expenses.

  • Pest Control

Pests in the house are normal and these unwanted guests can invade your house anytime without warning. Even if you do pest control yourself, you need to buy pesticides, barrier treatments, etc. Many pests require professionals and they will charge you a good amount. Different pest control companies charge you different amounts, you must survey before hiring one.

  • Lawn Care

Lawn care is also an important task you need to do. If you hire a company for this, make sure to find the best and cheapest one. If you decide to Do it yourself, consider the equipment costs and the time. If you ignore your lawn care, you can be fined for letting your grass go uncontrollably.

  • Security

Once you move into your own house, you will find it important to get a security system. House is a major asset that every owner wants to protect. While deciding to install a security system, budget for buying and installing it along with monthly maintenance.


The idea of introducing you to these expenses is not to afraid you from owning a house. It’s just to make budgeting easier for you.


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