The Expenses of Owning a Home

The Expenses of Owning a Home

Are you prepared for the expenses of owning a home? Be prepared with this guide.

Homeownership is one of the landmarks of a person’s life. Embarking on buying your first home, especially a custom home, comes with much excitement and many creative decisions. You will be satisfied when building a waterfront home with Shore-Line Construction in Maryland, and we will update and assist you in every step. As part of the home buying process, prepare yourselves for the expenses of owning a home in the long term.


The mortgage is the primary expense of owning a home. Despite the inflation in the economy, there are still viable ways to build your custom home within your budget. Different mortgage options allow you to set a low interest rate and shield you from a fluctuating economy.

Closing Costs

Closing costs will be a very small percentage in addition to your mortgage. In Maryland, it is usually around 3-5%. The closing costs will include fees and taxes when buying a home, a home inspection, and possibly other payments in advance of future services. If you live in a flood zone, you will need to pay $20.

Homeowners Insurance

Homeowners insurance covers significant damage to your home or loss of personal property due to a fire, smoke, break-in, vandalism, or natural disaster. It can save you the cost of having to rebuild your home or replace valuable items out of pocket. If you live in a flood zone, you will also want flood insurance.


Utility payments are ongoing, monthly costs for the upkeep of a home. They include water, sewer, electricity, and gas. Marylanders typically pay around $300 for utilities in total per month, as of 2022.

Property Taxes

Property taxes are around 1% of the fair market value of your property that year. In Maryland, this tax typically goes to the county or city in which one lives. In 2022, the annual property tax is nearly $3,000 on average.  

Home Maintenance

After the cost of your property and fees, utilities, and taxes, you should also expect to budget for home maintenance. Over the years, you will likely need to pay for inspections, repairs, and replacements.

Landscape Maintenance

Mowing the lawn, maintaining garden beds, and trimming trees are also part of home maintenance. Hardscapes like your driveway, walkway, and patio or deck also need care.

For Waterfront Homes: Dock Maintenance

If your waterfront home has a private dock, you will need to maintain this as well. The costs go into cleaning and eventual repairs later on. 


At Shore-Line Construction, we know that your home is a reflection of you. That’s why we strive to make each home we build as beautiful as the family who will live there. We work with each of our clients to design a home that fits their needs. The end result is a durable, energy-efficient custom home that the family will enjoy for generations to come. Shore-Line Construction has been serving our customers for over 25 years, and we look forward to the opportunity to help you!

If you’re interested in learning more about what Shore-Line Construction can do for you, check out our website or give us a call at 410-574-6623. Keep up with all of the latest news by following our blog and social media pages on Facebook, YouTube, Pinterest, and Houzz!

This entry was posted on Monday, October 17th, 2022 at 7:45 pm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.