The majority of homeowners make monthly mortgage payments. Taxes, homeowners insurance, private mortgage insurance (if you have an FHAmortgage), and HOA fees, if applicable, are all potential monthly charges. You will also most likely have to pay for heating and cooling, electricity, and water on a monthly basis. You may also pay your home equity loan or home equity line of credit each month if you have one.

When most individuals consider the costs of homeownership, they simply consider the monthly mortgage payments on their homes. Property taxes and insurance must be addressed, but so must upkeep and repair expenditures.

Unexpected repairs, such as replacing or repairing the roof, restoring loose bathroom tiles, removing an overgrown or dead tree, or paying for mold treatment in a moist basement, generally result in the largest expenditures. The possibilities are numerous, therefore the best thing homeowners can do is save money for an emergency.

Mortgage lenders will not take this into account when calculating loan amounts, but you should. It's a fantastic thing to own your own house, but before you do, be sure you're financially prepared.