I work with many first-time home buyers and International buyers who are not familiar with the whole process of purchasing a home here in the USA. There certainly is a tremendous amount information to absorb, forms to sign & steps to follow. It can be overwhelming. Sometimes in the excitement people forget to think of all the expenses that are associated with life. They think only of the actual home expenses of the mortgage, insurance, closing costs and utilities and tend to set an unrealistic home price range.

Here are some of the expenses to remember to include in your new home budget:

Insurance: home, health, car & pet

Utilities: heat, electricity, water, sewer, trash collection, recycling, telephone, cable television, Internet, cell phones

Maintenance & repairs for your home: roof, siding, paint, furniture, decorations, appliances, landscaping, snow removal, pool maintenance & repairs

Debts: Credit card payments, car loans, student loans, family loans

Car: gasoline, maintenance, repairs, road side service such as AAA

Children: day care, school tuition, after school care, after school activities-sports, dance & music classes, lunch money, supplies, clothing, sports gear, school activities & field trips

Health costs: doctors, dentists, insurance, medicine, braces, eyeglasses, contacts

Food: dining in and out

Entertainment: movies, sports activities, hobbies


Job related expenses: Transportation (gasoline or transit costs), auto maintenance, supplies, out of area travel expenses

I am sure that it differs with each person & that I have not included everything but at least it will get you started.