The Hidden Costs of Homeownership: What Buyers Often Overlook

Buying a home is an exciting milestone—but beyond the mortgage and down payment lies a set of often-overlooked costs that can catch buyers by surprise. At 6 Star Realty, we believe in keeping things transparent and helping you plan ahead so there are no unexpected bumps in the road after closing.

Let’s break down the hidden costs of homeownership so you can move forward confidently and well-informed.

1. Property Taxes

Property taxes vary by location and are reassessed annually. In the Augusta and CSRA region, these taxes are based on your home’s assessed value and the county millage rate.
Tip: Ask your REALTOR® or lender for an estimate early in the process so you can factor this into your monthly budget.

2. Homeowners Insurance

Standard homeowners insurance covers damage from fire, storms, theft, and more—but it doesn’t cover everything.
Additional costs such as flood insurance (especially near waterways) or earthquake coverage can increase your monthly out-of-pocket.
Tip: Compare quotes from several providers and ask about bundling options with auto insurance for savings.

3. Maintenance and Repairs

From lawn care to plumbing, HVAC servicing to roof upkeep, being a homeowner means handling (and funding) regular maintenance.
A good rule of thumb: set aside 1–3% of your home’s purchase price each year for maintenance. Even newer homes require upkeep to maintain value and safety.

4. Utilities and Monthly Services

If you're moving from an apartment to a larger home, expect an increase in utilities—especially electricity and water. Other services to consider include:

• Trash and recycling pickup

• Internet and cable

• Pest control

• Lawn maintenance

These monthly costs can add up quickly if not planned for in advance.

5. HOA Fees

If your home is located in a neighborhood with a Homeowners Association (HOA), ask about any monthly or annual fees and what they include.
Some associations cover amenities like pools, lawn care, or security, while others are strictly administrative.
Tip: Review the HOA’s financials and community guidelines before closing.

6. Appliances and Furnishings

That perfect home may not come with appliances like a refrigerator, washer, or dryer. Many buyers also find themselves purchasing new furniture to fit the space or style of their new home.
Plan ahead: Budget for these costs post-move so you're not caught off guard.

Final Thoughts

Homeownership is a powerful step toward building wealth and long-term stability—but it also comes with responsibilities. At 6 Star Realty, we’re here to help you understand every aspect of the journey, including the fine print.

If you're thinking about buying and want a team that walks with you every step of the way, let’s talk.