9 hidden costs that come with buying a home

What's Driving Home Prices?
What's Driving Home Prices?

Buying a home isn't just a 20% down payment and a monthly check for the mortgage.

There are a mountain of hidden costs — from closing fees to taxes — that can add up to more than $9,000 each year, real estate marketplace Zillow estimates — and that number will only jump if you live in a major US city.

SEE ALSO: The average retirement age in every state

Business Insider spoke to Zillow's chief economist, Svenja Gudell, about the three big unavoidable costs — homeowners' insurance, property taxes, and utilities — and other common costs that are often overlooked.

If you're considering buying a home, be mindful of these expenses when establishing your budget, Gudell says:

BI Graphic_9 Hidden Costs of Buying a Home
BI Graphic_9 Hidden Costs of Buying a Home

Dylan Roach/Business Insider

NOW WATCH: A Google employee lives in a truck in the parking lot to save money

See Also:

SEE ALSO: How to buy a home you can afford, in 9 steps