For those who give up the ease of apartment or rental life, owning a home can be an eye opening experience.

Home ownership is costly and you don’t always have the luxury of letting things go. Although a home is a long-term investment that may see you through your senior years, an investment needs close attention and lots of maintenance to be stay valuable and safe.

Here are 12 expenses you can’t avoid when you own a home:

  1. Mortgage: Unless you’re wealthy and can pay cash for your house, that monthly mortgage bill (or sometimes two or more bank loans) can be draining. In the United States, the average mortgage debt is $155,192, according to NerdWallet.com. Don’t underestimate the cost of interest either. If you’re paying 4.5% interest on a $155,192 mortgage, you’ll dole out almost $130,000 in interest over the course of a 30-year mortgage. If you don’t pay your mortgage or interest, expect a foreclosure notice.
  2. Property taxes:  Town and city services are expensive. The real estate listings company, Zillow.com, reports that the average annual property tax bill in the U.S. is about $2,800. If you live in New York, New Jersey, or Colorado, expect to pay about five times that amount on average. Your local Town Hall takes taxes seriously – it’s how government runs – so opting out isn’t, well, an option. You may find it’s easier to roll the payment up into escrow if you have a mortgage, however.
  3. Insurance: If you have a mortgage, your bank or mortgage holder will require that you have enough homeowners insurance to cover you in case a disaster occurs. You may get away with dropping your insurance if you have no mortgage, but this puts you at major financial risk of losing your investment. A homeowners policy will cover the cost of rebuilding after a fire and it will insulate you against many lawsuits that could leave you financially ruined. And if you're house and assets are worth a lot, you may even need an umbrella policy to cover you more.
  4. Utilities: You can choose to eliminate cable television, telephone, and Internet but you’ll need water, electricity, and heat, especially if you live in northern climates. With utilities also comes unavoidable rate increases. Again, it’s easier to drop your cable TV if the rates go up than shutting off the electricity to save money.
  5. Maintenance costs: Some people refer to their homes as their castles, while others call it their money pits. Whatever your outlook, expect to pour money into  your house to keep it up to par. Some maintenance costs require immediate attention, like a leaky roof or a burst pipe, while others may be delayed a bit, such as replacing a drafty window. If you plan to sell your home in a few years, consider upgrading your bathrooms or kitchens to modernize it. Also be aware that upgrades may help improve your ability to sell a home but you’re unlikely to completely recoup what you spent on the upgrade.
  6. Condo and homeowner association fees: If you pay association fees, they aren’t optional. Yes, you get lots of benefits from them but if you want to live in an association - it will cost you.  Most HOA fees will run you about $200 to $400 per month, according to Investopedia.
  7. Trash removal fees: Unless your town or city lumps your trash removal costs into your municipal taxes, expect to pay for this service. Your option to not pay can be pretty, well, stinky.
  8. Landscape upgrades: Curb appeal is essential for any home so keeping your landscape nice is important. While this cost may be deferred to save money, it can be expensive if you let things slide too long. Also, some situations require fast attention, such as a dead tree in danger of falling or a small sink hole forming in your driveway.
  9. Other taxes: Your town may not only be the only government source demanding payment. In some states, like New York, there are school, county, and sometimes even village taxes too. If government has its hand out, you’ll have to pay.
  10. Appliance repairs: Every new refrigerator turns old one day and washing machines don’t last a lifetime anymore. Expect to pay for the services of a repairman, or spend some money on parts if you’re somewhat handy (we suggest YouTube as a great resource for DIY). Yes, you can live without a washing machine but do you really want to wash clothes down by the river like they did 150 years ago?
  11. Pest control: Nothing can drive you out of your home like a bug infestation or a family of raccoons that hunkers down in your basement. For most Americans, they’d prefer someone else exterminate or remove the pests than making it a DIY job.
  12. Savings:  If you don’t have a savings account with some padding, you’ll quickly find yourself in trouble. Living on credit cards can be costly when you factor in interest rates. You’ll need to set aside some money every week or month to cover unexpected costs.