Picture this: You are ready to buy your first home and just found the perfect one! The neighborhood is great, the house is charming and the asking price is in your budget. Sounds perfect, right?
However, if you are buying your first home, you should know that the asking price is just the beginning. Your home is probably the most expensive thing you’ll ever own, and that expense goes well beyond the list price on the home.
In addition to the list price of the home, there are other upfront and ongoing expenses that can catch you off guard. In fact, Zillow estimates that, on average, Americans pay about $9,000 a year in extra home ownership costs . That figure can very depending on where you live and could increase significantly if you live in a major U.S. city .
If you’re a first-time buyer, it helps to know what you’re getting into. You should be prepared for these 10 hidden and commonly overlooked expenses when establishing your budget.