Buying a home is a significant financial decision, and our local Diamond Residential Mortgage Corporation (DRMC) team wants to ensure you're prepared, not just for the mortgage, but for the various expenses that come with homeownership. While many focus on their monthly payment, there are several other costs to consider. Here's a closer look at what to expect so you can make informed financial decisions when buying a home in and around Springfield.

1. Property Taxes

Mortgage payments aren't the only regular expense you'll face. Property taxes in Springfield can vary by neighborhood, and they often change over time. It's a good idea to check the estimated taxes for any home you're considering so you can budget accordingly.

2. Homeowners Insurance

Homeowners' insurance is a must, but it's often more expensive than anticipated. In Springfield, areas prone to severe weather, flooding, or other factors may see higher premiums. Be sure to get quotes early in the process to understand your costs and plan for them.

3. Maintenance & Repairs

Owning a home means you're responsible for repairs, whether it's a roof leak, plumbing issues, or an appliance breakdown. A good rule of thumb is to set aside 1-3% of your home's value each year for maintenance costs. Eventually, things will need attention, so it's best to plan ahead.

4. HOA Fees (If Applicable)

If your new home is in a community with a homeowners association (HOA), you'll likely face monthly or annual fees. These dues can cover everything from landscaping to community amenities and even exterior maintenance. Be sure to ask about fees upfront and factor them into your budget.

5. Utilities & Bills

Owning a home means larger utility bills compared to renting. Heating, cooling, water, electricity, and trash services all add up. Utility costs can differ across neighborhoods in Springfield, so it's wise to get an estimate before you purchase.

6. Yard Work & Landscaping

If your new home has a lawn, you'll be responsible for its upkeep. Whether you do it yourself or hire someone, this is another ongoing cost to consider. Some neighborhoods may also have rules about lawn care or landscaping, so check for any restrictions before you buy.

7. Appliance Upkeep & Replacements

Even with new appliances, eventually things break down. Refrigerators, HVAC systems, and water heaters all have a lifespan, and replacing them can get costly. A home warranty may cover some repairs, but it's wise to set aside funds for future replacements and upgrades.

8. Emergency Repairs

Unexpected costs happen, whether it's a pipe burst, a roof leak, or a furnace failure during winter. Having a contingency fund for emergency repairs can help you manage these surprises without stress.

Are You Ready to Buy a Home in Springfield? Let's Help You Prepare.

Homeownership is an exciting journey, but it's important to have a clear understanding of all the costs involved. If you're ready to buy a home in Springfield, we're here to help you navigate the mortgage process and plan for the full financial picture. Get in touch with our local team today, and let's make sure you're fully prepared for this next step.