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.