10 Steps to Home Ownership: A Workbook for First-Time Buyers The cost of home ownership might be a lot more than you think, more than just the down payment or monthly mortgage payments. Although buying a home is a big investment, owning one comes with a new set of expenses you may not have had while renting or living with Mom and Dad. These extras can put a strain on your daily finances if you aren’t prepared. So to help you estimate your own cost of ownership and come up with a realistic housing budget, consider the expenses of property taxes, utilities, homeowner association dues, maintenance, lawn care, pest control and even any remodeling you might want to do.

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