The Real Cost You Pay to Buy and Own a Home

You found your dream home. You work with the seller and secure a mortgage from the bank. Now you have the keys and a monthly mortgage payment – you’re all set, right? Not quite.

We’ve found many homebuyers end up being completely unaware of some of the additional costs associated with buying a home. We won’t call them “hidden” costs because they’re a part of paying for homes across Illinois, but we want to make sure you’re prepared and don’t end up surprised later on.

Homeowners Insurance

Illinois state law does not require homeowners to have insurance, but it’s likely your mortgage lender will require you to hold insurance in order to secure the loan. Illinois is near the middle of the pack when it comes to the cost of homeowners insurance by state. According to, the average cost of Illinois homeowners insurance in 2022 was $2,321. That’s 17th in the country and $81 above the national average.

Your homeowners’ insurance premiums will be largely impacted by where you live, the square footage of your home, the replacement cost of your home (newer or well-maintained homes are more expensive to repair or replace), and how much coverage you opt into. Other factors such as your marital status, credit score, and even distance from emergency facilities can also impact this cost.

Homeowners Associations (HOAs)

Some communities in Illinois are locked into HOA agreements which require homeowners in the area to opt into the association and pay fees. These can range from an amount less than a hundred dollars a month up to $1,000 depending on where you live and what services are available within the HOA.

Some HOAs are voluntary. In this case, you have to weigh the cost of HOA fees and the services being offered to you and your property.


If you’ve been renting prior to buying your new home, you’re probably used to the landlord handling maintenance. This convenience goes out the window with homeownership. You’re the landlord now which means these costs will fall on you. Of course, you can lessen these costs by handling maintenance needs yourself but if you don’t have the expertise you can end up compounding the costs with shoddy work.

This also includes ongoing items such as yard work, cleaning, and routine upkeep. You will need to keep this in mind during your search for a home. Are you going to be able to afford lawn care for that massive yard? Can you handle repairs to that vaulted ceiling? Are appliances on their last leg?

At Velazquez Consumer Law, LLC, we provide you with solutions and shield you from surprises. It’s important to be prepared for all costs and obstacles that come with home buying so you don’t end up lying in bed at night filled with buyer’s remorse. We look forward to hearing from you and helping you with these important decisions.

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Velazquez Consumer Law

Central to our firm is the empathetic and compassionate service we give each client that allows us to fully understand your situation and goals. Above all, our responsive and hands-on approach to your legal issues yields actual results.

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