Home ownership can help pave the path to a solid financial future. Each mortgage payment increases equity, and rising values build a house’s worth. But you should be aware of the many additional costs of buying and owning a home, because they can be shocking.First is the cost of property inspection and appraisal. These services protect buyers from purchasing a flawed or overvalued house. Closing costs are generally around 4% of the mortgage. Property taxes are usually included with the monthly payment. They can go up, even if the loan has a fixed rate. Lenders require property insurance. Insurance can be costly, and it can grow even more expensive if you live in a flood or earthquake zone. HOA and condo fees charge monthly or quarterly payments for maintenance and special projects, such as repairing a roof. Moving costs include renting a truck or hiring a moving company. Homeowners also must pay deposits to start utilities. You’ll have monthly utility bills, including electricity, gas and water, as well as garbage collection and Internet services. Prices vary widely by location. Most people buy at least some new furniture and decorative items when moving, especially if it’s into a larger home. Lawn care. Special equipment or a professional may be needed to keep the landscape looking pretty. Budget for periodic routine maintenance costs. Some items – like a chimney or an air conditioning system – need a specialist. And repairs can be very expensive, especially if it’s a big project, like a damaged roof or flooded basement.