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5 Hidden Costs of Homeownership That First-Time Buyers Should Know

by Bethany Schilder

So, you’ve saved up for your down payment, gotten pre-approved, and you’re dreaming of paint swatches and porch swings—yay, you! But before you get too cozy with those new property alerts, let’s chat about something that doesn’t always get the spotlight: the hidden costs of homeownership.

No one wants a surprise bill popping up when they just bought the biggest thing they’ve ever owned. So let’s dive into five common hidden costs that first-time buyers must know about.

1. Property Taxes – They’re Not Just a Line on Your Mortgage

Your mortgage payment might include an escrow for taxes, but depending on where you live, property taxes can be a big chunk of change. In Las Vegas, they’re relatively low compared to national averages, but they still add up.

Tip: Always ask what the current property tax is on a home before you fall in love with it, and check if it’s expected to increase.

2. HOA Fees – Welcome to the Neighborhood (and the Monthly Dues)

Homeowners Associations (HOAs) can be wonderful! Think: maintained landscaping, sparkling pools, maybe even a fitness center. But those perks come with monthly or quarterly fees.

Some neighborhoods in Las Vegas have HOAs that range from $30 to $300+ per month. Make sure you know if the home you love is part of an HOA, and exactly what you’re paying for.

3. Maintenance & Repairs – Yes, You Are the Landlord Now

Gone are the days of calling the super when something breaks. Now, if the faucet leaks, the roof needs patching, or your AC decides to throw a summer tantrum—you’re on the hook.

A good rule of thumb? Budget 1% of your home’s purchase price annually for maintenance. So if you buy a $400,000 home, set aside about $4,000 per year for repairs and upkeep.

4. Utilities & Services – It’s More Than Just the Light Bill

When you go from renting a 900-square-foot apartment to owning a 2,000-square-foot home, you’re going to feel it—in your energy bill. Add in water, trash, sewer, internet, pest control (hello, desert critters!), and possibly even landscaping, and you’re looking at a noticeable monthly increase.

Pro tip: Ask the seller or your agent for recent utility costs to estimate what you’re walking into.

5. Insurance & Emergency Funds – Plan for the “What Ifs”

Homeowners insurance is a must, but some first-time buyers forget to factor in what kind they’ll need. Basic coverage might not be enough depending on your location or property type, and if your lender requires flood or earthquake insurance—those add up fast!

And while we’re at it, let’s talk emergency funds. You don’t want to be caught off guard by a surprise deductible or unexpected repair. A little cushion can go a long way in keeping your new home happy and stress-free.

Wrapping It All Up

Buying your first home is such a huge and exciting step (high fives all around!), but knowing about these hidden costs will help you be prepared—and totally empowered. You’ve got this!

And don’t worry, I’m here to guide you every step of the way—yes, even when the water heater acts up or you’re confused about HOA documents. Together, we’ll navigate all the twists and turns of homeownership with confidence and a dash of fun.

Anytime between “now” and “right now” is a good time to take action on shaping your best life, and that includes where you live. Let’s get the ball rolling on your next steps.
(702) 374-6807. Or drop me a line here.

Bethany Schilder Real Estate Agent

Filed Under: For Buyers, Real Estate Tagged With: Buying a home, First Time Homebuyer

About Bethany Schilder

My name is Bethany Schilder and I am a connector! My mission is to help connect busy families with their 'home sweet home’ in Las Vegas. As a native of Las Vegas, I know the various communities and neighborhoods across the Valley like the back of my hand, and bring that expertise in pricing and marketing homes for sale and for finding the perfect spot to nest. I'm always up for chips and guac', wine pairing, or brunch (and can recommend the best places to enjoy them all...!)

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