Home buyers should not forget that there are on-going costs associated with owning a home. They include, but are not limited to:

-- Monthly mortgage payment;
-- Mortgage insurance;
-- Homeowner's insurance;
-- Property taxes; and,
-- Utilities, such as gas, oil, water and electricity.

Another cost home buyers should consider is how much it will cost to maintain their home. These costs include everything from cleaning and minor repairs to yard work and painting.

Condominium owners and people living in planned unit developments should factor in any homeowners' association fees or similar costs.