5 Unexpected Expenses That Surprise First-Time Homeowners
Written by
Tiffany Lew
Edited by
Zuri Anderson
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So you’ve saved up, signed all the paperwork and purchased a home. No more surprises, right?
The first year of owning a home can open up a flurry of expenses for first-time homeowners. Here are five unexpected expenses that surprise first-time homeowners.
Landscaping Costs
New homeowners often forget they’re typically in charge of maintaining the land their home sits on. Insurance companies may request to have trees or bushes trimmed, among other potential home changes.
On top of that, “There’s the stuff you don’t realize you’ll need like window coverings, closet rods or shelves, and even swapping out all the locks,” said Erin Hybart, a realtor in Louisiana.
“A tree removal cost for instance can run from a couple hundred to several thousand dollars depending on the size of the tree and its roots,” said Salim Chraibi, CEO of Bluenest Development.
System Problems
How well do you remember details of your home inspection? Did you consider concealed plumbing and electrical issues?
“The inspection process fails to detect major system problems in HVAC units and water heaters and roofs which require immediate replacement following closing,” said Donnell Williams, real estate bbroker at NextHome Prime Properties. “The unexpected expenses from these situations range between $5,000 and $15,000.”
Disaster Insurance Coverage
Property taxes and insurance rates can lead to unexpectedly high monthly payments for new homeowners.
“The standard insurance policies of new homeowners do not provide protection against flood damage or sewer backup incidents,” said Williams. “Homeowners face substantial unexpected expenses when disasters occur because standard insurance policies do not cover these events.”
Appliance Repairs
When you’re a renting tenant, you typically don’t have to worry about covering for repairs. As a home owner, however, appliance repairs can take a toll. Homeowners may need to hire a professional service.
Furniture Costs
Whether it’s furniture or yard and garden supplies, costs on big items easily add up — especially with tariffs, in which President Donald Trump proposed a 50% tariff on home goods and 30% on upholstered furniture.
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