Hidden costs of buying a home in New Jersey

The purchase price is only the beginning. In this episode, Kathleen catalogs the recurring and one-time costs that follow a Bergen County home purchase — property taxes averaging $12,000–$15,000 per year in many towns, homeowner's insurance, PMI for buyers putting down less than 20%, sewer and water hookups, and the steady stream of maintenance expenses that come with owning an older home in Northern New Jersey.

Many buyers budget carefully for the down payment and closing costs, then find themselves house-rich and cash-poor within the first year. Kathleen shares the planning worksheet she uses with clients to project true Year 1 and Year 2 costs — including the capital items (roof, HVAC, windows) that often need attention in homes built in the 1970s through 1990s.

If you're comparing ownership costs to your current rent, this episode gives you the honest math you need to make a clear-eyed decision.