It’s common knowledge that there’s a lot more to owning a home than paying the mortgage on time. From property taxes to periodic maintenance, there are plenty of additional expenses that go into maintaining a home while you are living in it.

While many new home shoppers will draw direct comparisons between monthly mortgage payments and renting, there are plenty of additional costs to consider when you are about to buy your first house.

Here’s our list of 4 expenses you should be thinking about when you’re buying a home.

Home Improvement

Even a move-in ready home will likely undergo some type of home-improvement project after purchase.

It is estimated that 96 percent of Americans embark on some kind of improvement project after becoming homeowners. From adding a new deck to updating appliances, these projects average around $3,000 when completed by a professional.

The most common types of home projects?

The majority of projects are less exciting than you might think. The most common include carpet cleaning, yard work, gutter cleaning, HVAC maintenance, house cleaning, and pressure washing.

Property Taxes

You may be thinking, “I could be putting this $1,200 in rent towards a mortgage and actually own something!”

You’re right. However, if you’re shopping for a home based on monthly cost of living, don’t forget to include the property taxes for your city!

Many Zillow browsers and soon-to-be homebuyers forget that mortgage plus interest divided by twelve is only a fraction of the monthly cost of home ownership.

Researching property taxes?

If you’re trying to find the real cost of owning a particular home, look up its mls.com listing. This national network for real estate firms, mortgage firms and home insurance companies has the most complete listing information and usually includes property tax info.

Pest Control

Dealing with termites, cockroaches, mice, bats and bed bugs costs a lot of money. Depending on where you want to move, you may need periodic pest control services — you don’t want to find scorpions in your Arizona ranch!

Many homeowners will consider spending a couple hundred dollars quarterly for routine visits from an exterminator.

Insurance

Insuring a full-size house costs a lot more than a 700-square-foot apartment. Plus, insurance costs aren’t always fixed — you may wind up paying more based on where you live, the age of the home and even your credit score.

If you’re considering purchasing a home, make sure you research the cost of insuring that particular property.

Don’t know where to start?

It’s okay to ask your realtor or your mortgage company about the cost of home insurance, especially if you are a first time home buyer.