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Homeowners insurance is another necessary item that can’t be overlooked. Buyers need to insure the value of the home against fire, theft and perhaps flood damage, which must be purchased separately. Be sure to take the time to shop around for the best price and remember that this cost can go up each year, especially if you file a claim.

Although private mortgage insurance isn’t something everyone has, more and more homebuyers are turning to this and need to factor this in to their monthly payments. If a homebuyer puts less than 20 percent down on a mortgage, they’ll need to pay PMI, which protects the lender against one defaulting on the loan. Again, you could be looking at hundreds of dollars each month.

For those moving from an apartment or a home they’ve been living in with their parents, things like water, gas, electricity and oil may not have been a concern, but when you move into a new house, you need to pay for all of these things, plus cable, phone and Internet service. It may be beneficial to ask the seller for their average monthly cost over the last year so you know how much you should be putting aside.