The Real Cost of Homeownership: Beyond the Mortgage

Why Understanding the Full Picture Matters

Buying a home is one of the biggest investments most people will ever make. While the mortgage often takes center stage, the truth is there are many additional costs that come with homeownership. Knowing what to expect from the real cost of homeownership helps you plan better, budget smarter, and avoid surprises along the way.

The Vision: Transparency Builds Confidence

As a realtor, I believe knowledge is power. Too often, buyers focus solely on “Can I afford the monthly mortgage?” without realizing the hidden (but normal) expenses that come with owning a home. By shedding light on these costs, I want to empower you to feel confident and fully prepared for the responsibilities of homeownership. The more you know upfront, the more secure and stress-free your journey will be.

The True Costs of Owning a Home

Here are some of the most common expenses beyond your mortgage payment:

1. Property Taxes

• Varies by location and home value. Be sure to check annual tax rates in your area. (This is wrapped in with the mortgage, not separate)

2. Homeowners Insurance

• Protects against damage, theft, and liability. Often required by lenders. 

 (This is also wrapped in with the mortgage, not separate)

3. Utilities

• Water, electric, gas, and internet add up quickly and fluctuate by season.

4. Routine Maintenance

• Lawn care, gutter cleaning, and seasonal upkeep. A good rule of thumb: budget 1% of your home’s value annually for maintenance.

5. Repairs & Replacements

• Appliances, HVAC systems, and roofs don’t last forever. Having an emergency fund for unexpected repairs is key. 

• Consider a home warranty, which can help cover or reimburse the cost of certain repairs or replacements in case of emergencies.

6. HOA Fees (if applicable)

• Covers shared community spaces, amenities, or exterior maintenance.

Building Smarter, Stronger Homeowners

Homeownership isn’t just about having a roof over your head; it’s about protecting your investment and being prepared for the journey ahead. When you budget beyond the mortgage, you set yourself up for long-term success and peace of mind.

Let’s Talk About Your Next Move

If you’re thinking about buying a home and want a clear picture of what it really costs, let’s connect. I’ll guide you through the numbers, the process, and the strategies to make sure you’re set up for success from day one.

The Samantha Simmons Team

211 North Olive Street

Suite 103

Media, PA 19063

Tel. (267) 670-9886‬