Buying a home is a big accomplishment. There are so many expenses to navigate, from the initial down payment all the way to closing costs. But, after you get the keys, there are more hidden costs of home ownership you should know about.
Homeowner's insurance is not a one-time purchase. Be prepared to pay deductibles on each insurance claim. Make sure you have purchased adequate coverage with a deductible that fits your budget. That way, when the time comes to repair your home from damage or accidents, you can do so in a timely manner.
You'll want your home's appearance and structural integrity to hold up. This can include everything from monthly lawn care, tree-trimming services, and seasonal paint jobs to fireplace/chimney maintenance and power-washing services. If you are a part of a homeowner's association (HOA), there may be a written agreement regarding your home's outward appearance — and they can ask you to pay for maintenance they deem necessary. So, make sure to read the fine print.
It is wise to budget for repairs before you purchase your home. You’ll likely rely on savings to cover plumbing and electrical issues, broken appliances and other unexpected malfunctions. Consider setting aside money each month in a dedicated emergency fund or another appropriate account so that, when larger repairs arise, you have a rainy-day fund available.
Property taxes often increase over the years. In fact, it is fairly rare for property taxes to decrease. Homeowners often jump through hoops by hiring an attorney, filing an appeal and conducting comparable real estate research to find discrepancies in the property record. This investment in time rarely results in substantial financial savings, but it can with the right information.
And if you're thinking about a home renovation, remember that any structural or property changes will affect your property taxes as well.
For homes that are part of a homeowners association (HOA) or similar community association, dues and special assessments are used for maintenance, repairs and upkeep for shared community property. If they are not paid, the association may take enforcement actions or impose penalties in accordance with its governing documents.
To learn more about preparing for the unexpected, contact GuideStone® today about opening an investment account. We can help you establish an emergency fund or investment account that supports your financial goals, time horizon and liquidity needs.
Retail products are made available through GuideStone Financial Services®, member FINRA. For more information about the firm, products and services, please review the GuideStone Affiliate Form CRS and visit FINRA's Broker Check.
The information in this article is for educational purposes only and is provided with the understanding that GuideStone is not rendering legal, financial or tax advice. We encourage you to consult with appropriate counsel and other advisors on all of your unique financial obligations and requirements.
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• Jun 23, 2026 