There are five hidden costs associated with buying and owning a home.

There are more costs to buying and owning a home than just a monthly mortgage payment. Here are the five hidden costs of homeownership:

1. Closing costs. When considering their home-buying journey, people think about the down payment but forget about the transactional costs. The good news is that you shouldn’t pay much to a buyer’s agent because you’re entitled to that service in Pennsylvania. Buyer’s agents get most of their commission paid by the listing agent. Closing costs can include transfer tax, property tax escrows, lender fees, appraisal fees, and more. Add these up and get a good faith estimate of your closing costs before you make the purchase.

“Put some money aside each month to reinvest into your property as things happen.”

2. Furniture. People often forget that when you move into a new house you’ll need to furnish it, and this can add up. Unless all your furniture is getting donated by family or friends, be sure you calculate these costs into your home-buying journey.

3. Ongoing maintenance. Have an emergency fund because even though your home inspection may have turned out great, things will only stay great for a while. Put some money aside each month to reinvest into your property as things happen. 

4. Taxes and insurance. You have school and property taxes and property insurance that need to be calculated into your closing costs and ongoing annual fees.

5. Property utilities. Get a copy of these from the previous owner of the property so you can factor in an estimate of these costs. These include heating, electricity, water, sewer, etc.

If you can think of another hidden cost of homeownership or have any questions, don’t hesitate to call or email us at 717.216.0860 or We’ll follow up and take excellent care of you.