4 Major Expenses Buyers Never Think About (Until it’s Too Late) - Video
In this 27 March 2026 video, host Michael Bordenaro talks about the most significant overlooked home-buying expenses typically include closing costs, maintenance and repairs, utility upgrades, and ongoing property tax increases. While many buyers focus almost exclusively on the down payment and monthly mortgage, these secondary costs can require tens of thousands in additional liquid cash both at the signing table and during the first year of ownership.
Closing costs are a bundle of one-time fees paid to finalize the transaction, often ranging from 2% to 5% of the home’s purchase price. On a $400,000 home, this equates to $8,000 to $20,000 in extra cash needed upfront. Fees include loan origination, title insurance, appraisal fees, and government recording fees. Additionally, many buyers exhaust their savings on the down payment, leaving them unprepared for these mandatory “cash-to-close” requirements.
The cost of keeping a home functional often shocks those transitioning from renting. Experts recommend budgeting 1 to 4 percent of the home’s value annually for maintenance. The age of expensive systems like the HVAC or roof can lead to massive bills shortly after move-in. A single major failure, such as a water heater or a leaking roof, can cost thousands—an expense that is entirely the buyer’s responsibility once the keys are handed over.
Moving from a small apartment to a larger home can result in utility bills that are significantly higher than anticipated. New homeowners may also encounter bills they didn’t have as renters, such as separate charges for sewer, trash, or recycling.
Unlike a fixed-rate mortgage’s principal and interest, your total monthly payment can fluctuate significantly due to rising taxes and insurance. If taxes or insurance increase, your lender may increase your monthly mortgage payment to cover the shortfall in your escrow account.
https://youtu.be/ZESzVTutJbQ
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