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What costs do first-time homebuyers forget to budget for?
Common overlooked costs include: closing costs (2-5% of purchase price), property taxes (0.5-2.5% annually), homeowner insurance ($1,200-2,000/year), HOA fees if applicable, and maintenance (budget 1-2% of home value annually for repairs and upkeep).
Find out if buying or renting makes more financial sense for your specific situation.
Use the Rent vs. Buy Calculator →By Sean Baldwin · Last reviewed July 2026 · Part of the Rent vs. Buy Calculator guide.