When you become a homeowner, you quickly realize that the costs extend beyond the mortgage. Ongoing expenses of owning a home can pile up, making homeownership more expensive than you initially anticipated. Read on to learn what ongoing costs should be part of any homebuyer’s budget.

Lawn and Garden

The aesthetic appeal of a home significantly contributes to its value. Trees and gardens are an integral part of this appeal. Maintaining them requires regular watering, mowing, weeding, and fertilizing, and the tools and supplies for landscape maintenance require regular investments. Depending on the size of your yard and the complexity of your landscaping, you might need to hire professional gardeners. These costs, while often overlooked, form an essential part of the ongoing costs of owning a home.

Pest Control

Pests can cause significant damage to your property, so regular pest control measures are vital in maintaining the integrity of your home. This includes routine inspections and treatments for common pests, such as termites, rodents, and bugs. The cost of these services varies but is an essential investment in preserving your home’s condition.

Plumbing, Electrical, Appliance, and HVAC Maintenance

Your home’s mechanical systems and appliances require regular upkeep to function optimally. This includes plumbing, electrical systems, kitchen appliances, and heating, ventilation, and air conditioning (HVAC) systems. Regular maintenance prevents small issues from escalating into costly repairs or replacements, so you should try to budget accordingly.

Roof Repair and Replacement

Roofs endure extreme weather conditions and wear out over time. Regular inspections can detect early signs of damage, such as leaks or missing shingles, allowing for timely repairs. However, every roof has a lifespan, so a replacement will eventually be necessary. When that time comes, knowing how to choose a roofing contractor will ensure quality work that ultimately saves you money. Still, both repairs and replacements can be costly, making it essential to factor these into the ongoing costs of owning a home.

Snow, Storms, and Water Damage

Depending on your geographical location, your home might be vulnerable to damage from snow, storms, or water. Clearing snow, repairing storm damage, and addressing water damage can be expensive. You need adequate insurance coverage for such events, but remember that insurance policies often come with deductibles and may not cover all types of damage. You’ll bear the costs your insurance doesn’t cover.

How Much Should You Save?

A general rule of thumb is to set aside one to two percent of your remaining mortgage balance as a fund to cover ongoing maintenance and repair costs for your home. For the average homeowner, this means saving 2,000–3,500 dollars a year. This is on top of whatever you’re trying to put away for vacations, retirement, and discretionary expenses, like that new couch you fell in love with or a gift for your spouse.

When you look beyond the mortgage, you’ll find that the ongoing costs of owning a home involve much more than making monthly payments to your lender. Being aware of these additional costs can help you budget effectively and ensure your home remains in excellent condition for years to come.