9 hidden costs that come with buying a home

The Hidden Costs of Buying a Home Will Break Your Budget If You Aren't Careful

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.

RELATED: 10 best cities in the US to buy a home instead of rent one:

10 best big cities in the US to buy a home instead of rent
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10 best big cities in the US to buy a home instead of rent

Tampa, Florida

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Charlotte, North Carolina

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Atlanta, Georgia

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Miami, Florida

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Baltimore, Maryland

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Austin, Texas

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St. Louis, Missouri

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Dallas, Texas

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Philadelphia, Pennsylvania

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Detroit, Michigan

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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 HomeBusiness Insider

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