The Builder's Blog

Explore the newest home design trends, read about new homes, and watch videos to learn about the building process.

New Home Expenses For Every Homeowner

If you’re budgeting for the new custom home of your dreams, you don’t want to be surprised by how much it costs to buy and maintain it. There are many other costs of owning a home that you need to consider other than just your mortgage payment. Learn about these often overlooked expenses so you can prepare financially.

Insurance and Taxes

Homeowner’s insurance and property taxes are often included in your monthly mortgage payments and held in an escrow account. Insurance can cover you in the event of catastrophic events and coverage can vary based on your policy. Property taxes are assessed by the county and calculated annually based on the value of your home.

HOA Dues

Most new neighborhoods have a Homeowner’s Association fee to cover the cost of common area maintenance and shared amenities such as a pool or playground. These vary based on your neighborhood and what amenities your community offers.


If you were renting previously, you may not be used to paying for all utilities like water, trash, or sewage. Or you could have moved from a smaller home and the increase in square footage means your utility bills might also grow. In either situation, you’ll need to be prepared to pay more each month.


Every home requires some kind of ongoing maintenance, whether that be lawn care, shoveling snow, painting, or changing air filters. You’ll need to budget for new equipment and supplies to have on hand for landscaping projects and other small repairs.

Appliances and Furniture

When building a new home, you’ll need to factor in the cost of new furniture, decor, and appliances for your home. Even if you have some current pieces to move in with you, most people end up buying newer items for their larger space.

Our experienced team of design professionals will listen to what you want in your home and create the perfect luxury custom home for you! Contact us to learn more about building your dream home. Call Paul Gray Homes today at 316-990-0000!