There's a lot more to budget for with a new home than just the mortgage.

Absolutely, Thomas! Budgeting for a new home extends well beyond just the mortgage payment. Here’s a breakdown of additional costs many new homeowners might overlook:

1. Property Taxes: Taxes vary widely depending on the area and property value, so it’s essential to research local rates. Taxes often increase over time, especially as home values rise.

2. Homeowners Insurance: Lenders require homeowners insurance to protect their investment, but the cost depends on location, home value, and coverage options.

3. HOA Fees: For those purchasing in a community with a homeowners association, monthly or annual dues cover amenities and shared space maintenance.

4. Utilities: Utilities for a larger home or one with different energy needs can add up. Remember to budget for electricity, gas, water, sewer, and possibly trash collection.

5. Maintenance and Repairs: Even new homes require upkeep. Experts often recommend setting aside 1-3% of the home's value annually for maintenance costs.

6. Landscaping and Outdoor Upkeep: Lawn care, tree trimming, and seasonal clean-ups can be a steady expense, especially if you need to hire help.

7. Appliances and Furniture: Furnishing a home and buying appliances, if not included, can be a considerable expense.

8. Pest Control and Security Systems: Regular pest control is essential in many areas, and home security systems are often a good investment for peace of mind.

For buyers and investors like you, these factors can also help inform pricing and potential resale value if you’re advising clients.