Buying a Home
What are the costs of owning a home beyond the mortgage?
By Steve Lockhart
The short answer
The mortgage payment is only the beginning. Owning means property taxes, homeowners insurance, and an HOA if the community has one, and in Nevada those taxes and insurance are often part of your monthly payment through escrow.
Full answer
The mortgage payment is only the beginning. Owning means property taxes, homeowners insurance, and an HOA if the community has one, and in Nevada those taxes and insurance are often part of your monthly payment through escrow. Beyond that, plan for ongoing utilities, internet, landscaping and pest control, and a real maintenance cushion for the systems and appliances that will eventually need repair or replacement. A useful rule of thumb is to set aside a percentage of the home's value each year for upkeep, though your actual number depends on the age and condition of the house. Newer homes and newer roofs cost less to maintain early, while older homes need more. Building these into your monthly reality before you commit is exactly why affordability is an all-in number and not just a payment, and I help buyers plan for the full picture.
Go a little deeper
Frequently asked
Questions buyers often follow up on
How much should I budget for ongoing repairs?
A practical common range is about 1 to 2 percent of the home's value per year set aside for maintenance and repairs, though the true number depends on the age and condition of the house. Newer homes generally cost less early, older homes with aging systems can need more. A small monthly transfer into a repair fund from day one turns surprises into spending that was already expected.
How much do utilities cost in a Las Vegas home?
The hot summers are the story: air conditioning is one of the largest monthly bills in the Valley. Energy costs vary widely with the home's size, insulation, windows, and equipment, which is why state averages lie as a budget. When you find a home you like, we can ask the sellers for actual utility history and build your budget on that number instead of a guess.
Do HOA dues belong in the all-in cost?
They should. If the community has an HOA, the dues are a monthly, recurring line in your housing cost, right next to the mortgage, insurance, and taxes, and they can rise. Adding the dues to the affordability math keeps your total honest, and it is a line that never gets left out of any cost picture I run with you.
The Lockhart Method
The Lockhart Method
Your Home | My Strategy | Proven Results
My strategy: buy on the full monthly number, not just the payment, and keep a line for maintenance in the budget. If you can carry that total and still sleep, the home fits.
Schedule a Consultation