The True Cost of Buying a Home: Beyond the Down Payment

When most buyers think about home costs, they focus on the down payment. But the truth is — that’s just the beginning. Knowing what to expect upfront helps you plan smart and avoid surprises later.

Here’s what to keep in mind when budgeting for your new home:

1. Closing Costs

Expect to pay 2–5% of the purchase price in closing costs — including lender fees, title insurance, and escrow expenses. Your agent and lender can help you get a clear estimate early.

2. Homeowners Insurance & Property Taxes

These are part of your monthly payment if you have a mortgage. In Houston, property taxes can vary by area, so make sure you factor them into your affordability from the start.

3. Maintenance & Repairs

Even newer homes come with upkeep. Plan to set aside at least 1% of your home’s value each year for maintenance — it keeps your investment protected long-term.

4. Utilities & HOA Fees

Costs for electricity, water, and gas can fluctuate depending on neighborhood and home size. If you’re buying in a community with an HOA, don’t forget to include that monthly fee.

Understand the Full Picture Before You Buy

Buying a home is one of the biggest financial moves you’ll ever make — and understanding the full picture helps you feel confident every step of the way.

The Monroe Team can walk you through every cost, big and small, before you buy.