Buying a home can be great—it’s a lifelong dream for some—but there are many additional costs involved in owning a home. According to a study by Zillow, homeowners spend $14,155 per year on hidden costs.
These hidden costs could put a dent in your pocket if you don’t have a prior plan. Here is a list of eighteen hidden costs of homeownership you need to know.
Pest Infestation
Many homeowners don’t think about pest control when they purchase the house, but pests like mosquitoes, bugs, and mice do infest the house and are a safety hazard to the residents. On average, a single visit from pest control can cost $450. Depending on the severity of the infestation, the cost of pest control could go as high as $8,000.
Wildlife control
Where pest control is called in for small animals and pests, wildlife control is called to deal with wild animals infesting a house. The average cost of wildlife removal is $398, but this cost could go as high as $1500. It should be noted that wildlife control costs aren’t limited to removing the animals from your house; they also include repair costs like wiring repair, insulation replacement, and duct repair costs, all of which could drive the cost up.
Roof cleaning
Many homeowners don’t pay much attention to roof cleaning until it’s too late. No one tells you this, but when you buy a home, roof cleaning is very important. Not cleaning your roof regularly can lead to moss, algae, and debris buildup, which can shorten the lifespan of your roofing materials and even cause structural damage over time.
The average cost of roof cleaning is $765, which can go as high as $ 2700.
Deck staining
Deck staining is crucial for protecting your outdoor living space from becoming weathered and prone to splitting and cracking. It is also a significant cost homeowners have to bear every 1-3 years. The average cost to stain a deck is $800, and this can go as high as $1200, depending on the area and labor involved.
Chimney repair and cleaning
Chimneys and fireplaces look aesthetic and add a rustic vibe to the home; homeowners fall for their beauty without realizing the hidden costs they entail. The average cost of cleaning a chimney is $250; however, depending on the damage, this could go up to $5000.
Carpet cleaning
Carpets not only add beauty to homes they also help in preserving the lifespan of the flooring. Carpet cleaning is probably the most overlooked cost of homeownership. The average cost of carpet cleaning is $175, and the highest cost is $260. Despite the low costs, carpets must be cleaned every 12-18 months, and this can increase the expenses.
Drainage system
Not all homes come with built-in drainage systems, and homeowners aren’t informed of this at the time of purchase, only to realize later and spend a fortune on installing one.
The average cost of installing a drainage system is $3570, and this can go up to $13,000.
Sprinkler system
Having a functional sprinkler system is crucial for keeping your lawn healthy. However, this is a hidden cost of homeownership that not many will tell you about. The average cost of installing a drainage system is $3600, and this can go up to $10,000.
Pressure washing
Pressure washing helps clean dirt, grime, and other contaminants from outdoor surfaces like siding, decks, and driveways. It is recommended that outdoor surfaces be pressure washed every 1-2 years.
The average cost of installing a drainage system is $400, and this can go up to $1250.
Asbestos removal
If your home was built between 1930-1980, there is a high chance that you have asbestos in some form in your home. These are popular construction materials that are hazardous and must be removed, but only by professionals.
The average cost of installing a drainage system is $2100, and this can go up to $3200.
Radon testing and mitigation
Radon is an invisible, odorless radioactive gas that can only be detected through specialized testing. The average cost of Radon mitigation systems is $1000, which can go up to $4000.
HVAC system
The heating, ventilation, and air conditioning (HVAC) system is one of the most critical and expensive components of a home, accounting for a significant portion of a homeowner’s energy costs. Many assume this comes with the house, but that is not always the case.
The average cost of installing an HVAC system is $10,000, which can go up to $15,000.
Home Inspection
Home inspection is a hidden cost of homeownership; it is crucial for identifying issues like safety hazards and helping prevent damages. The average cost of a home inspection is $340, but it can go up to $500.
Air Duct cleaning
Air duct cleaning is a hidden homeownership cost that every homeowner should be aware of, but neglecting it can lead to the buildup of contaminants like dust, pollen, and mold in your ductwork, which can trigger allergies and respiratory issues.
The average cost of air duct cleaning is $400, and this can go up to $900. It is recommended that air ducts be cleaned every 6-12 months.
Lawn aeration
Many homeowners don’t know about this hidden cost, and those who do think lawn aeration is only for golf courts and heavily used lawns. However, lawn aeration is recommended for most homeowners to improve water and nutrient absorption for a healthier, more vibrant lawn.
The average cost of installing a lawn aeration is $130, which can go up to $250. It is recommended once a year for a healthy lawn.
Driveway Resealing
Driveway resealing is a regular task that many homeowners don’t consider an expense. However, the average cost is $490, and the highest cost is $1000. It is recommended that driveways be resealed every 2-5 years to prevent expensive repairs.
Pool Upkeep
Pools can be a refreshing addition to your home, but they must be maintained and require regular cleanings. Maintaining a pool costs $50 per week and $1450 annually. If pools aren’t maintained well, they can lead to repairs as costly as $20,000.
Furnace Repair
Regular furnace maintenance is crucial to ensure your home stays warm and comfortable. The furnace is a critical component of the HVAC system and is powered by gas, electricity, or oil.
The average cost of installing a lawn aeration is $300, which can go as high as $1200.