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A home is one of the most expensive investments you will ever make, but when buying a home, you need to consider more expenses than just the mortgage. Taking care of a home requires other fees simply to maintain it and keep it in good living condition. Here are three additional costs to factor into buying a home.


Repairs can come unexpectedly, and they can drain the bank if they aren’t planned for. Before buying your home, make sure it is inspected. But even if the home is completely inspected and approved, things might go wrong. The dryer might break. The roof might need replacing. The basement might unexpectedly flood from a broken sprinkler pipe. Repairs can be incredibly expensive, with $3000 being average for many repairs. Plan to have an emergency fund for when things break and need to be repaired.

HOA Fees

Some homes come as part of a homeowner’s association (HOA). A homeowner’s association requires you to pay a fee and live a certain way to maintain the vibe the community wants to give off. HOA fees average $200 a month in the U.S. That fee allows you access to the shared community spaces, like a community rec center, but it also comes with certain obligations. For example, you may not be able to paint your home the crazy colors you’ve always wanted, or park recreational vehicles on your property because of the aesthetic HOA wants to maintain in the neighborhood.

Any Renovations

Another cost to consider would be any renovations you want to make on the home. For example, if, when you move in and you discover the kitchen is too small, you will have to pay the costs for a kitchen remodel. Renovations can be incredibly expensive, depending on the amount of renovating you want to do. Small renovations are cheaper, but the cost still needs to be considered if you’re planning on doing one after you buy the house. When buying a home, if you are planning on any renovations at all, make sure to factor those costs into the costs of maintaining a home.

Before you purchase your dream home, consider that there may be other fees other than those on the surface that you will need to pay, either monthly or when they’re needed. Buying a house is a big decision that comes with many costs.