It’s well known that a mortgage takes a huge chunk of our income when looking into buying a home. While these are the heaviest costs, they’re not the only ones of homeownership. Small things add up, and small expenses can become large ones.

Here we go Property Taxes: Basically property tax is paid on owned property whether by a group or an individual. This tax usually correlates to the value of the property, and property owners are generally required to pay it annually.

Property Insurance — Like for health and vehicles, one has to have property insurance for a house. Similar to health and auto insurance, property insurance safeguards your home from major events triggered by natural disasters or human acts. There are many kinds of coverage: fire, flood, earthquake, storm, etc.

Home Association Fees: If you live in a planned neighborhood or building, you likely will have a home association — otherwise known as an HOA — fee. Those fees go toward community amenities such as pools, playgrounds, security systems and clubhouses, whether or not homeowners use those services.

Utilities: Utilities are unavoidable. While a bare minimum of water, heating, electricity, and communication services are still available, they will not allow a comfortable lifestyle. Utility bills go far beyond home basics. From garbage pickups to lawn watering, expenses can add up quickly, particularly for anyone who views “comfort” in terms of high-speed internet and a cable package that includes multiple channels.

Home Maintenance — All things need to be cared for, and a house is no different. Even with optimal care — cleaning it every day, for example — some maintenance will eventually be required. The ravages of time, wear, and aging take their toll. Over the years, tasks like redoing the exterior, sprucing up the yard, changing out windows and upgrading appliances become necessary. Ultimately, time takes its toll on all things — including a beloved home.