The hidden costs of homeownership aren’t really hidden. After all, everybody knows that homes require maintenance, and that repairs and renovations cost money. It’s more that hopeful home shoppers and buyers are focused more on home prices and mortgage rates than they are on the continuing costs of owning and caring for a home. But those costs are rising. In fact, according to a recent analysis, the cost of maintenance, insurance, and taxes combined now add up to more than $15,000 a year for the typical homeowner. Of course, how much you end up spending depends on the house you buy, where it’s located, and how much work it needs. But prospective home buyers should be aware of the potential price tag. According to the analysis, annual maintenance can run up to $11,000 per year, with property tax and insurance accounting for the other $5,000 in annual expenses. (source)
