Just a like a baby who needs diapers, toys, food, and cars that need maintenance and routine service, a house needs on-going attention and care too. What does that mean? You need to budget for more than just the initial out of pocket costs and monthly mortgage, taxes, and condo/hoa dues.
A house will need routine service:
HVAC cleaning, filter changes (usually every 30-90 days)
Bathroom upkeep (caulk, grout, etc.)
A house will also need emergency repairs as well:
Big Ticket items like the roof, appliances, garage doors, leaky windows, etc.
Smaller things: grout, patching holes in the wall (from nails, any settlement cracks, etc.)
Eventually you’ll wake up one day and decide you hate a light fixture and need to change it
Regardless of what the repair item may be or how much it may cost, you need to remember that the house needs Things. It will along the way for as long as you own the home. So keep that in mind when you’re doing your monthly budget and planning your savings!