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Buying a home is one of the biggest, most exciting financial commitments you’ll ever make. However, it’s not just about the mortgage. Many first-time buyers are surprised by extra costs that come with homeownership. Planning ahead can help you stay financially comfortable and avoid surprises.

1. Insurance Is More Than a Line Item:
Homeowners insurance is often rolled into your mortgage payment, but it’s worth understanding the real cost. Your premium depends on factors like location, age of home, and coverage level. It’s also important to consider flood or storm coverage if you live in higher-risk areas.

2. Property Taxes Add Up:
Property taxes vary widely by location, and they can increase as property values rise. Make sure you understand how your taxes are calculated and set aside enough to cover yearly or semi-annual payments.

3. Routine Maintenance: The Hidden Monthly Bill
Experts recommend budgeting 1-3% of your home’s purchase price annually for maintenance. That includes:

• HVAC servicing
• Gutter cleaning
• Roof inspections
• Pest control

Even small items like replacing air filters or fixing a leaky faucet add up over time.

4. Utilities and Upgrades:
From water and electricity to internet and trash pickup, monthly utilities can fluctuate seasonally. Factor in the cost of upgrades or repairs you may want to make, like replacing old appliances or installing new flooring.

5. Emergencies and Unexpected Repairs:
Unfortunately, emergencies happen. Whether it’s a burst pipe or broken water heater, having an emergency fund specifically for your home is crucial.

Your mortgage may be the biggest piece of the puzzle, but it’s not the only one. Understanding the full picture of homeownership costs—including reliable home insurance—helps you make smarter decisions and stay financially secure. Protect your investment, your peace of mind, and everything that makes your house a home. Prepare now, so you can enjoy it without worrying about what’s around the corner.

We’re Here to Help

Whether you’re a longtime policyholder or just starting to look for insurance options, we’re here to help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs.

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