Are you in the market for a new home, or considering moving next spring?

Now is a great time to get financially prepared!

A key step in your home-buying journey is determining how much home you can afford, which is where a mortgage specialists at CommonWealth One can help. While you likely know to plan for mortgage payments, utilities and regular homeowner's insurance in your monthly costs, here are a few more costs you should consider in your overall home-searching budget:

1. Property taxes. Moving from one town to another can mean a big difference in the amount you have to pay in property taxes! In some areas, property taxes can add hundreds of dollars to your mortgage payment every month, so be sure you ask both your Realtor and your mortgage professional about property tax rates.

2. Landscaping. Moving from a condo or apartment to a townhome or single-family home? It's great to have more space — but you may now have a yard to keep up. You can do this yourself, but you may need to factor in buying a lawnmower and weedwacker. Or, you can outsource this to save yourself time, but that's another cost. Figure out how you're going to pay to maintain your outdoor space before you buy a property on an acre of land!

3. HOA dues. A lot of homes are in neighborhoods that have a homeowners' association (HOA). That organization can set rules for properties, set requirements for curb appeal and upkeep, and often have monthly dues all homeowners must pay. Condos have these fees, too. Find out how much your HOA or monthly maintenance fees will cost, because they can range from $50 per month to more than $1,000 per month, depending on where you're buying.

4. Systems maintenance. For renters, when the air conditioning or water heater broke, usually all it took was a call to the landlord to get it fixed. For homeowners, there's no landlord to call! You'll have to schedule and pay for repairs when your HVAC, plumbing, electricity or appliances break. Many systems, particularly your heating and air conditioning systems, should be maintained seasonally to avoid costly repairs down the road, and that costs money, too. Before you buy a home, find out how old the appliances are, how old the major systems are, how they've been maintained — and think about saving up money for when things break.

Here are a few other things you might find yourself paying for with a home:

• Garbage collection
• Pest control
• Paint and deck maintenance
• Extra insurance for water damage or floods

Buying a home is a good idea! It's a great way to build up wealth and take some control over your financial future. But you should buy a home with your eyes wide open to these hidden costs.

Saving up for a downpayment? We have some tips for you! Watch the replay of our webinar, "8 Ways to Save for a Down Payment." In this webinar, Mortgage Loan Officer Carolyn Stein discusses tried and true strategies that will help you prepare your down payment.

We're here for you, for life, and for all the things life throws at you! Schedule a free consultation with one of our mortgage loan experts to guide you through the home-buying process. From selecting the perfect loan to estimating monthly payments and understanding the additional costs of homeownership, we’ve got you covered.

We look forward to speaking with you soon!