What you will learn inside
- I lay out the costs most buyers never see coming until the bill arrives.
- You learn how to budget for them from day one of ownership.
- I share which ones hit hardest in our Texas climate and soils.
- You finish with a realistic picture of life after closing.
Evan Hitch, MBA, dual-licensed Texas REALTOR® and Mortgage Loan Originator, NMLS #2716178. Two Licenses. One Hitch.
Key takeaways from this guide
Closing on your home is the beginning, not the end, of what you will spend. I want my buyers to walk into ownership with a realistic picture of the costs that catch new owners off guard, because surprises are what strain a budget.
The first cost is property taxes. In Texas, we have no state income tax, which means property taxes carry a heavier load than in many other states. Your tax bill is based on your home's assessed value and local rates, and it can rise over time as values climb. I help you estimate the real number before you buy.
The second is homeowners insurance, which in our part of Texas often includes wind and hail coverage. Premiums can be higher than buyers expect, and they tend to rise over the years. Factor insurance into your monthly budget from day one, not as an afterthought.
The third is maintenance and repairs. A common guideline is to budget a percentage of your home's value each year for upkeep. Roofs age, HVAC systems fail, and water heaters leak at the worst times. Having a reserve fund means a broken AC in July is an inconvenience, not a crisis.
The fourth is HOA dues, if your neighborhood has one. These fees cover shared amenities and upkeep, but they can increase, and special assessments can hit when the community needs a big repair. Read the HOA documents before you buy so you know what you are joining.
The fifth is the cost of making a house your home. Window treatments, a fence for the dog, a refrigerator, a lawn mower, and the dozen small things that add up in the first months. I tell buyers to set aside cash for these so the joy of moving in is not shadowed by sticker shock.
Frequently asked questions
How much should I budget for maintenance?
A common guideline is to set aside about one percent of your home's value each year, though the right number depends on the home's age and condition. The key is having a reserve before something breaks.
Will my property taxes go up?
They can. Texas property taxes are based on assessed value, which can rise as the market climbs. I help you estimate the current bill and understand homestead exemptions that may lower it.
Are HOA fees optional?
No. If you buy in a community with an HOA, the dues are mandatory. I review the HOA documents with you so you understand the fees and rules before you commit.
Do I need wind and hail insurance?
In our part of Texas, wind and hail coverage is often essential. Your lender may require it, and I encourage you to get a quote early so there are no surprises.
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Have a question this guide did not answer?
Call or text 281-400-0414, or send a message. I answer questions the way I would want my own questions answered: directly.