Some first-time buyers are surprised by the full cost of homeownership.

To prepare your budget, consider these extra costs:

Closing costs typically total 2 – 5 percent of the purchase price and are in addition to down payments.

Homeowners insurance costs an average of around $1,000 a year, but prices vary. If in a flood or earthquake zone, you’ll need extra hazard insurance.

Property taxes could range from hundreds of dollars to thousands a year, and they often fluctuate.

All home maintenance becomes your responsibility, so save money for normal upkeep and emergency repairs.

You’ll also need to pay for all utilities. If moving from a smaller apartment, expect the larger home to have higher bills.

Nevertheless, the pride of homeownership is priceless.