{"id":104073,"date":"2026-03-25T09:05:49","date_gmt":"2026-03-25T16:05:49","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=104073"},"modified":"2026-03-25T12:40:02","modified_gmt":"2026-03-25T19:40:02","slug":"costs-of-owning-a-home","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/costs-of-owning-a-home\/","title":{"rendered":"Costs of Owning a Home: What You Need to Know Before Buying"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">Key takeaways<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Your mortgage isn\u2019t the only cost<\/b><span style=\"font-weight: 400;\">\u2014 taxes, insurance, and maintenance can add up.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be prepared for <\/span><b>ongoing expenses<\/b><span style=\"font-weight: 400;\"> like property taxes and homeowners insurance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Set aside money<\/b><span style=\"font-weight: 400;\"> each year for repairs and maintenance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Don\u2019t forget <\/b><span style=\"font-weight: 400;\">about utilities, HOA fees, and upfront costs like closing fees.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Budgeting for these expenses now can <\/span><b>save you financial stress later on<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.redfin.com\/why-buy\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Buying a home<\/span><\/a><span style=\"font-weight: 400;\"> is an exciting milestone\u2014and likely one of the biggest purchases you\u2019ll ever make. But here\u2019s the thing: owning a home comes with <\/span><b>ongoing costs<\/b><span style=\"font-weight: 400;\"> that aren\u2019t always obvious at first.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re thinking about buying, it\u2019s important to understand the <\/span><b>costs of owning a home<\/b><span style=\"font-weight: 400;\"> so you\u2019re not caught off guard later and can budget accordingly. In this Redfin article we\u2019ll walk you through the costs of buying a home whether you\u2019re in<\/span><a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\" data-wpel-link=\"exclude\"> <span style=\"font-weight: 400;\">Seattle, WA<\/span><\/a><span style=\"font-weight: 400;\"> or<\/span><a href=\"https:\/\/www.redfin.com\/city\/8903\/TX\/Houston\/f\" data-wpel-link=\"exclude\"> <span style=\"font-weight: 400;\">Houston, TX<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">It\u2019s more than just a mortgage<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So<\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-much-does-it-cost-to-buy-a-house\/\" data-wpel-link=\"exclude\"> <span style=\"font-weight: 400;\">how much does it cost to buy a house<\/span><\/a><span style=\"font-weight: 400;\">? Most people think the biggest cost of homeownership is their<\/span><a href=\"https:\/\/www.rocketmortgage.com\/calculators\/mortgage-calculator\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\"> mortgage payment<\/span><\/a><span style=\"font-weight: 400;\"> \u2014 and yes, that\u2019s a big one. But it\u2019s just the start. There are plenty of <\/span><b>upfront costs<\/b><span style=\"font-weight: 400;\"> you\u2019ll want to be aware of, and we listed a few of them.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Upfront costs when buying a home<\/span><\/h2>\n<p><b>Here\u2019s a breakdown of what to expect:<\/b><\/p>\n<h3><span style=\"font-weight: 400;\">1. Down payment<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is your biggest upfront cost\u2014and it goes straight toward your ownership stake (equity) in the home. Most buyers put down somewhere between <\/span><b>3% and 20% of the purchase price<\/b><span style=\"font-weight: 400;\">. On a $300,000 home, that\u2019s anywhere from $9,000 to $60,000. The more you put down, the less you\u2019ll borrow (and the lower your monthly payments will be).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Appraisal fee<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your lender wants to make sure the home is worth what you\u2019re paying\u2014so they\u2019ll require an appraisal. This typically <\/span><b>costs between $300 and $700+<\/b><span style=\"font-weight: 400;\">, depending on your location, the size of the home, and how complex the property is. It\u2019s a one-time fee, usually paid before closing.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Inspection fee<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">An inspection helps you spot problems before you commit\u2014like structural issues, pests, or outdated systems.<\/span><b> A basic home inspection usually costs $300 to $600<\/b><span style=\"font-weight: 400;\">, but extras like radon, mold, or sewer line checks can add $75 to $500 more. It\u2019s optional but highly recommended.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Closing costs<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">These are the final costs to make the home officially yours. They include things like loan origination fees, title insurance, taxes, and more.<\/span><b> Expect to pay about 2% to 5%<\/b><span style=\"font-weight: 400;\"> of the home\u2019s purchase price. For that $300,000 home, that\u2019s $6,000 to $15,000 at closing.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Ongoing costs of owning a home<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Now that we\u2019ve covered the upfront costs of buying a home, don\u2019t forget there are also ongoing expenses you\u2019ll need to budget for. These are the recurring costs that come with homeownership. Here\u2019s a quick rundown of what to expect:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. Property taxes<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">These vary a lot depending on where you live, but a good rule of thumb is to expect <\/span><b>1\u20132% of your home\u2019s value<\/b><span style=\"font-weight: 400;\"> each year. For a $300,000 home, that\u2019s $3,000\u2013$6,000 annually. And yes, they usually go up over time.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Homeowners insurance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your lender will require it, but even if they didn\u2019t, you\u2019d want it. Insurance protects you from major damage and disasters\u2014and the average cost runs anywhere from<\/span><b> $1,500 to $3,000 per year<\/b><span style=\"font-weight: 400;\">. That number depends on your home\u2019s location, age, and what kind of coverage you choose.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Maintenance and repairs<\/span><\/h3>\n<p><b>Spoiler alert:<\/b><span style=\"font-weight: 400;\"> Something will break. And even if it doesn\u2019t, homes need regular upkeep. Enpo T., Chief Operating Officer at <\/span><a href=\"https:\/\/myfinancialcoach.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">My Financial Coach<\/span><\/a><span style=\"font-weight: 400;\">, notes that many clients are blindsided by special assessments and maintenance costs on buildings. These <\/span><a href=\"https:\/\/www.redfin.com\/blog\/hidden-costs-when-buying-a-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">unexpected costs<\/span><\/a><span style=\"font-weight: 400;\">, such as a broken water heater or plumbing work, tend to come at inconvenient times, often leading to unwanted high-interest credit card debt. He recommends that \u201cmost clients keep an emergency savings account with at least 2-4% of their home&#8217;s value to cover these expenses as they come up.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Utilities and HOA fees<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Water, gas, electric, trash, internet, plus HOA fees if your community has them, can vary a lot. But they\u2019re part of your monthly reality. Kristin McGlothlin, of <\/span><a href=\"https:\/\/www.mybudgetcoach.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">My Budget Coach<\/span><\/a><span style=\"font-weight: 400;\">, suggests that for bills like annual HOA dues, you should divide the total amount by twelve and set aside that sum each month to ensure the full bill is covered. She states, \u201cYour budget should include a section for these infrequent expenses so that you treat them like monthly bills.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Tips for managing homeownership costs<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Build a solid <\/span><b>emergency fund<\/b><span style=\"font-weight: 400;\"> to handle surprises (because something will come up).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Shop around for the <\/span><b>best insurance rates<\/b><span style=\"font-weight: 400;\"> \u2014 every dollar counts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Remember,<\/span><b> property taxes often go up<\/b><span style=\"font-weight: 400;\">, so factor that in.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Stay on top of maintenance<\/b><span style=\"font-weight: 400;\"> to avoid big repair bills.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lean on your <\/span><a href=\"https:\/\/www.redfin.com\/realtors-near-me\" data-wpel-link=\"exclude\"><b>real estate agent<\/b><\/a><b> and other pros<\/b><span style=\"font-weight: 400;\"> \u2014 they know the ins and outs.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Bottom line: The true cost of homeownership<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Buying a home is a big deal \u2014 and yes, the mortgage is a huge part of it. But it\u2019s definitely<\/span><b> not the only cost<\/b><span style=\"font-weight: 400;\"> you\u2019ll face. From upfront costs like your down payment and closing fees to ongoing bills like property taxes, insurance, maintenance, and utilities, there\u2019s a lot to budget for.<\/span><\/p>\n<p><b>The good news?<\/b><span style=\"font-weight: 400;\"> If you know what\u2019s coming and plan for it, you can avoid a lot of headaches down the road.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">FAQs: the costs of owning a home<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">1. What are the main upfront costs when buying a home?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Upfront costs typically include your down payment, appraisal and inspection fees, and closing costs. These can range from a few thousand dollars to tens of thousands depending on the price of the home and your<\/span><a href=\"https:\/\/www.rocketmortgage.com\/home-loans\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\"> loan type<\/span><\/a><span style=\"font-weight: 400;\">. A good rule of thumb is to expect 3\u201320% of the home price for the down payment and another 2\u20135% for closing costs.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Are there any hidden costs I should plan for?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Not hidden exactly, but often overlooked. In addition to the upfront costs, you\u2019ll need to budget for ongoing expenses like property taxes, homeowners insurance, utilities, and maintenance. Some neighborhoods also come with HOA fees. These can sneak up on new homeowners if you don\u2019t plan ahead.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. How much should I budget for home maintenance?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A general rule is to set aside 1\u20134% of your home\u2019s value each year for<\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-budget-for-home-maintenance\/#h-common-home-maintenance-costs-to-expect\" data-wpel-link=\"exclude\"> <span style=\"font-weight: 400;\">maintenance and repairs<\/span><\/a><span style=\"font-weight: 400;\">. So, for a $300,000 home, that\u2019s about <\/span><b>$3,000 to $12,000 annually<\/b><span style=\"font-weight: 400;\">. Some years you might spend less \u2014 but when a roof or HVAC system needs replacing, you\u2019ll be glad you planned ahead.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways Your mortgage isn\u2019t the only cost\u2014 taxes, insurance, and maintenance can add up. Be prepared for ongoing expenses like property taxes and homeowners insurance. Set aside money each year for repairs and maintenance. Don\u2019t forget about utilities, HOA fees, and upfront costs like closing fees. Budgeting for these expenses now can save you [&hellip;]<\/p>\n","protected":false},"author":815,"featured_media":103913,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276],"tags":[34529],"coauthors":[36413],"class_list":["post-104073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","tag-buying-faq"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Costs of Owning a Home | Redfin<\/title>\n<meta name=\"description\" content=\"From upfront fees to yearly expenses, discover what it really costs to own a home\u2014and how to budget for taxes, insurance, maintenance, and more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/costs-of-owning-a-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Costs of Owning a Home: What You Need to Know Before Buying\" \/>\n<meta property=\"og:description\" content=\"From upfront fees to yearly expenses, discover what it really costs to own a home\u2014and how to budget for taxes, insurance, maintenance, and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/costs-of-owning-a-home\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; 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