15 Reasons Homeownership Might Cost More Than Expected

Most people are aware that owning a home generally costs a lot of money. But the amount you end up spending could really catch you off guard. Here are just some of the reasons why owning your home might cost more than anticipated.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

When you lock in a fixed-rate mortgage, your housing payments won't increase over time. With an adjustable-rate mortgage, the interest rate on your loan can rise through the years. And that could make your monthly payments more expensive.

ALSO READ: Is Now a Good Time to Get an Adjustable-Rate Mortgage?

Property taxes can rise over time for a number of reasons. But if your bill shoots upward, it could make homeownership exponentially more expensive. If that happens, it could pay to appeal your property taxes to see whether there's potential relief to be had.

The amount of money you start out paying in the form of homeowners insurance could rise over time, especially as you add features to your home. And that could throw your budget off course. It could pay to look at ways to lower those costs, like installing an alarm system.

Standard homeowners insurance won't cover the cost of flood damage due to a weather event. If you end up with flood damage but don't have flood insurance, you could end up spending a lot of money on out-of-pocket repairs.

You may have figured on spending a few hundred dollars a month on home maintenance, only to realize that was a lowball estimate. It's hard to determine what maintenance will cost until you're actually living in your home. But underestimating what upkeep will cost could make for a stressful financial situation.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Home repairs aren't always very costly. Something like a minor leak or electrical issue might run you a few hundred dollars. But if you keep getting hit with major repairs, your bills could reach well into the thousands. It's important to have emergency savings for those situations.

To stay competitive in a tight market, a large number of buyers waived their rights to home inspections over the past year when purchasing their homes. If you did the same, you might now be facing costly repairs due to not having your property vetted by an expert.

ALSO READ: 7 Issues to Look Out for During a Home Inspection

Owning a home often means moving to a larger space. That could, in turn, lead to higher utility bills than what you used to pay.

When you own a home rather than rent one, it's natural to take pride in your living space. But if that leads you to keep making improvements, you could wind up busting your budget.

If your home is part of a homeowners association (HOA), there's always the potential for your dues to rise from year to year. That may be outside your control to some degree, though getting a seat on your HOA board could give you more of a voice in keeping HOA fees down.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

If you took out a conventional mortgage to buy your home and didn't put down 20% at closing, you're generally stuck paying private mortgage insurance, or PMI. Until you're able to shed that expense, you should expect homeownership to cost extra.

Outsourcing maintenance items like snow removal and cutting the grass is apt to cost more than doing that work yourself. But if you're too pressed for time to tackle your maintenance solo, you may end up spending a lot more money during the year.

You may have budgeted for things like a lawn care service to cut your grass when you first bought your home. But if you end up needing ongoing services, like pest control, you could easily see your homeownership costs rise.

Some mortgage borrowers pay their closing costs up front, while others roll those fees into their loans. If you went the latter route, you might now be stuck with higher monthly payments.

ALSO READ: 30% of Home Buyers Worry They Can't Afford Closing Costs. Here's How to Save

When you buy a home, you can't expect it to sit vacant. But if you didn't properly account for the cost of furnishing your living space, you may now be feeling squeezed financially.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Owning a home can cost a lot of money. Before you buy, spend time mapping out estimates of what yours might cost so that you can budget accordingly. And if you've never owned a home before, talk to people who do. They might clue you in on items you weren't accounting for, thereby giving you a better handle on the expenses you'll be facing.

The Motley Fool has a disclosure policy.