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For many people, a house is the biggest investment they'll ever make. And whether you're a first-time homeowner or you're buying your third property, you're bound to end up covering some unexpected expenses. Here are six costs homeowners tend to overlook and how to pay for them:
1. Property taxes
Be prepared to pay property taxes and keep in mind that they rarely decrease. Homeowners often pay them every month along with their mortgage payments. If your loan is backed by the Federal Housing Administration, you're required to have an escrow or impound account.
If you don't have to make property tax payments through an escrow account, they may be due at the end of the year. In some counties, you might pay them in installments.
2. Homeowners association fees
Whenever you move into a new ho...
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