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    What's It Cost? Homeownership Expenses Beyond Your Mortgage

    Owning a home is a dream for many, and affordability is often the make-or-break factor when it comes to purchasing your...

    • Josh Dawson
    • January 29th, 2024
    • 6 min read

    Owning a home is a dream for many, and affordability is often the make-or-break factor when it comes to purchasing your own house. While the focus of the affordability conversation is often on mortgage payments, homeownership comes with additional expenses beyond what you pay toward your home loan each month. Understanding these costs can help you plan and budget effectively and determine whether homeownership is right for you right now.

    1. Property Taxes

    Property taxes are a significant ongoing expense for homeowners—and as the value of your home rises, so too can the amount of tax you owe. This is because the amount varies depending on the assessed value of your property and local tax rates. Property taxes are often rolled into monthly mortgage payments and paid semi-annually by your lender from an escrow holding account. Check with your lender or take a look at your mortgage bill if you’re not sure if this is the case for you.

    2. Home Insurance

    Besides being your home, your property is an investment, and protecting it is key. You do that by purchasing home insurance, which covers damages to your property and its contents. If you’re paying for a mortgage, home insurance will be required by your lender. If your home is paid off, carrying home insurance is still a good idea to protect it against unforeseen circumstances. Shop around for the best rates and coverage to ensure you have adequate protection without overpaying. Often homeowners can save a lot of money on other insurance products by bundling their car and home insurance rates. 

    3. Utilities

    Owning a home means you'll be responsible for all the utility bills such as water, sewer, electricity, gas, trash removal, and internet. The costs of these services vary based on the size and location of your home as well as your household’s usage patterns. Taking steps to conserve energy and water can help keep these bills in check. Often a home seller can provide their current utility averages to you when you're considering purchasing their home. Although it can be super helpful, everybody uses utilities differently, so take it with a grain of salt. 

    4. Maintenance and Repairs

    Homes require regular upkeep to stay in good condition and maintain their value. This includes tasks like landscaping, gutter cleaning, painting, inspections of major systems, and more. Hiring a professional to do these tasks will often produce better results—but even if you’re an avid DIY’er, you’ll need to factor the cost of tools and supplies and your time into your budget.

    Additionally, the need for unexpected repairs can arise, such as a leaky roof, malfunctioning appliance, or a burst pipe. Building a reserve fund for these unforeseen expenses is a wise financial move that will help prevent extreme stress on you and your budget.

    If you've ever heard of Murphy's Law - everything that can go wrong will go wrong - once you become a homeowner you'll be introduced to O'Reilly's Law, which states that Murphy was an optimist!

    In the first few years of my wife's and my homeownership, we had to replace our roof, furnace, and air conditioning condenser. But, because we knew to expect these things when had our inspection, it wasn't as big of a surprise after we bought our house.

    5. Homeowner's Association (HOA) Fees

    If your property is part of an HOA, you'll likely have monthly or annual fees. These fees vary widely and can add hundreds of dollars to your monthly cost of homeownership—so make sure you’re fully aware of them before you purchase a property. They should be detailed in your contract before you purchase a home, including the monthly or yearly cost, what the fees cover, and how much they can increase each year.

    If your agent uses the standard purchase contract by the Columbus Realtors, there is an HOA and Condo docs contingency period that allows for you to review any and all HOA legal and financial documents, and get out of the deal should any become too much of a concern to you.

    The upside is that the funds you pay to an HOA contribute to the maintenance of common areas and community amenities, which can greatly improve your home’s value and quality of life. 

    6. Appliances and Furniture

    You may need to replace or upgrade furniture and appliances at times. Having a fund for these occasional but significant costs ensures you're prepared when the time comes.

    You'll also have regular costs associated with maintaining your appliances; such as new filters and maintenance annual maintenance for appliances such as your hot water heater, furnace, and air conditioning system.

    7. Home Improvement Projects

    Many homeowners undertake improvement projects to enhance their living space or increase property value. Whether it's a kitchen remodel or a new deck, budgeting for these projects can help you achieve your goals without straining your finances.

    Given the explosion of development in and around Central Ohio, I see labor being a concern for a very long time. Don't put off home improvement projects if you can help it since the cost will likely increase beyond typical inflation.

    8. Home Security

    Ensuring the safety of your home and family may involve investing in security systems, cameras, or smart home technology. While these expenses are optional, they contribute to peace of mind and the overall protection of your property.

    In conclusion, the cost of homeownership involves more than just mortgage payments. Being aware of these additional expenses and planning accordingly can lead to a more secure and enjoyable homeownership experience. Take the time to assess your budget, plan for the long term, and make informed decisions to safeguard your investment.

    Thinking about selling your home?

    Get in touch. I'll guide you through every step of the process to ensure a smooth transaction that meets your goals.

    Let's Talk

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    About the author

    Josh Dawson

    614.706.6288
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    Buying or selling real estate is more than a transaction—it’s a major life decision. You deserve a guide who brings not just experience, but clarity, strategy, and trust to the table. That’s where I come in. I was born and raised in Fostoria, Ohio—a blue-collar factory town where your word meant everything and people treated each other with respect. I come from a family of military veterans, tradesmen, and kind-hearted Midwesterners who taught me to do good, be good, and work hard. I carried those values with me to Ohio Wesleyan University, where I played football and graduated with the same commitment to perseverance and teamwork I bring to every client relationship today. My real estate career began not in Central Ohio, but as part of a Wall Street Journal Top 100 Team in Boston—one of the fastest-moving, most competitive markets in the country. Before real estate, I served in senior political roles, including State Director for the Massachusetts State Treasurer and Legislative Director in the State Senate. I even ran for State Representative and earned an endorsement from The Boston Globe—because I’ve always been driven to serve people, solve complex problems, and lead with integrity. Today, I bring those same values into my work as a real estate professional and former managing broker. I’ve led agents, negotiated complicated transactions, and taught hundreds of professionals how to master real estate contracts. I don’t just understand the fine print—I’ve taught from it. That insight often helps me make small but strategic contract adjustments that protect my clients or save them tens of thousands of dollars. I currently serve on the Columbus Realtors Broker Advisory Committee and am the Past-President of the Greater Dublin Realty Association, where I continue to advocate for professionalism, education, and client-first service across our industry. Clients know me for my steady communication and proactive approach. I hold weekly check-ins to ensure no one ever wonders, “What’s happening?” or “What’s next?” Whether I’m guiding a family through an emotional sale or helping a first-time buyer make a strong start, I act with clarity, empathy, and your long-term goals in mind. When I’m not working, you’ll often find me coaching my daughter’s softball team, spending time with my family, or fishing and boating in Port Clinton, where my parents now live. I live in Dublin with my amazing wife and our two beautiful daughters—and I consider it an honor to serve families across Central Ohio with focus, care, and professionalism. If you're ready to move forward with purpose, I’m here to help you do it wisely.

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