The Hidden Costs of Homeownership Every DMV Buyer Should Plan For

A common surprise for new homeowners? The real monthly costs of ownership. Your mortgage is just the start.

What to Budget For (Besides the Loan)

• Property Taxes: Vary widely across DC, MD, and VA

• Homeowners Insurance: Required by lenders

• Utilities: Water, gas, electric, trash

• HOA/Condo Fees: $100–$1,000/month depending on the property

• Maintenance/Repairs: Experts recommend budgeting 1% of your home’s value annually

• Appliances & Systems: When that AC breaks in July, it’s your problem now

DMV-Specific Considerations

Older DC homes often require more upkeep. Virginia’s homes may be newer, but come with higher energy bills. Maryland HOAs can vary wildly in what they include.

Final Tip:

Ask your agent for a true monthly estimate on any property you’re considering. Owning should feel empowering — not like financial whiplash.