Hey Lykkers! Let’s imagine for a second: you’ve done it! You’ve saved diligently for years, navigating a rollercoaster market, and you’ve just been handed the keys to your new home. The mortgage payment is front of mind, and you feel like you've finally reached the peak of the mountain.

But what if I told you that the monthly principal and interest is just the first, most visible layer of the financial foundation? The true test of homeownership isn't just affording the purchase—it's funding the life of the property itself.

Think of your house as a system that needs ongoing care, protection, and steady resources. If the mortgage is the structure, then taxes, insurance, and upkeep are the ongoing support that keep everything stable. Build the full “coin stack” now, and you’re far less likely to get surprised later.

The Non-Negotiable Pillars: Taxes and Insurance

Before you even think about a new coat of paint, you have two permanent financial partners: the government and your insurer.

Property taxes fund local services like schools, roads, and emergency response. They also change over time, so a budget based only on last year’s bill can leave you short when assessments or local rates shift.

Homeowners insurance is the financial backstop for major damage. If you have a mortgage, it’s usually required. What matters most is knowing what is and isn’t covered—for example, some risks may require separate policies depending on where you live. Many homeowners start with a broad rule of thumb and then adjust after getting real quotes for their area.

The Quiet Budget Pressure: Maintenance and Repairs

This is the category that catches new homeowners off guard. Faucets drip, water heaters age out, and roofs don’t wait for a convenient month.

Instead of treating repairs as “random,” treat them as planned. A simple approach is to set aside a monthly amount dedicated to maintenance, so routine fixes don’t become expensive emergencies.

Natalia Siniavskaia, a housing policy researcher, writes that property taxes are a major component of annual home operating costs in the data she analyzed—reinforcing why owners should plan for ongoing obligations beyond the mortgage.

For the maintenance fund itself, many budgeting guides recommend saving around 1% to 4% of the home’s value each year, depending on the home’s age and condition. If that range feels intimidating, turn it into a monthly contribution and let it build gradually.

Also, while the U.S. Department of Housing and Urban Development (HUD) emphasizes regular maintenance as a practical way to protect a housing investment, the most useful step is still personal: price your home’s likely repair cycle (roof, heating/cooling, plumbing, appliances) and match your monthly savings to reality.

The Modern Essentials: HOA Fees and Utilities

For many, especially in condos or planned communities, Homeowners Association (HOA) Fees are a fixed monthly cost for shared amenities and upkeep. Know the rules and the fee history—they almost always trend upward.

Furthermore, Utilities (water, sewer, garbage, gas, electric) in a home are typically far higher than in an apartment. Budget for a significant increase, especially if you're moving to a larger space or an older, less efficient building.

Building Your Full Coin Stack: A Real-World Example

Let’s make this concrete. Imagine a $2,500 monthly mortgage (P&I).

- Property Taxes & Insurance: Add ~$600 (often paid via escrow).

- Monthly Maintenance Fund: Add ~$333 (1% of a $400k home = $4,000/year).

- HOA Fees: Add ~$300 (if applicable).

- Increased Utilities: Add ~$200.

In this illustration, your true monthly commitment isn’t $2,500—it’s closer to $3,933. The point isn’t the exact number; it’s the mindset: build the full stack, and your home is far more likely to remain a stable, low-stress home base instead of a financial strain.

Lykkers, owning a home is a marathon, not a sprint. By budgeting for the full cost of ownership—not just the mortgage—you’re not only buying a house. You’re building the staying power to enjoy it for years.