💡 The Hidden Costs of Homeownership Every Central Illinois Buyer Should Know

Buying a home is exciting—it’s a milestone, an investment, and a step toward stability. But here’s the real talk:

Your monthly mortgage payment isn’t the only cost of owning a home in Central Illinois.

If you want to buy with confidence (and avoid surprises), you need to budget for the hidden costs of homeownership. After guiding over 1,000 buyers and sellers in Peoria, Tazewell, and Woodford counties, here are the expenses I make sure my clients understand.

🏡 1. Property Taxes

Property taxes vary depending on the city, school district, and county. In Central Illinois, you’ll find some of the highest taxes in Peoria proper, while areas like Morton, Dunlap, and Washington may be lower on average.

Pro tip: Always ask your lender for an estimated monthly payment including taxes and insurance—not just principal and interest.

🛡️ 2. Homeowner’s Insurance

Most buyers know they’ll need insurance, but costs can vary widely. Older homes, homes near water, or those with certain roof types may come with higher premiums.

Budget tip: Shop around and ask about bundling with auto or life insurance for discounts.

🔧 3. Maintenance & Repairs

Rule of thumb: Budget 1–3% of your home’s purchase price per year for maintenance. That covers:

HVAC servicing
Roof upkeep
Gutter cleaning
Plumbing fixes
General wear and tear

In Central IL, where we see hot summers and icy winters, systems work hard—so regular maintenance is a must.

💡 4. Utilities

Utilities can be a shock if you’re moving from an apartment. Consider:

Heating and cooling costs (bigger homes = bigger bills)
Water and sewer
Trash pickup
Internet and cable

Ask the seller or utility companies for average monthly costs before you buy.

🏘️ 5. HOA Fees (If Applicable)

While not common everywhere in Central IL, some subdivisions—especially newer ones in Dunlap, Morton, and Washington—charge Homeowners Association (HOA) fees. These cover things like:

Lawn care in common areas
Snow removal
Neighborhood amenities

Always factor these into your monthly budget.

🪟 6. Appliances & Upgrades

Even if the home looks move-in ready, you may need to replace or update things in the first few years:

Washer/dryer
Refrigerator
Carpet or flooring
Painting

Budgeting for at least one major appliance replacement within the first few years is wise.

💰 7. Closing Costs

Most buyers focus on down payments, but don’t forget closing costs—usually 2–4% of the purchase price. These cover:

Loan origination fees
Title insurance
Appraisal
Recording fees

I’ll connect you with lenders who provide upfront cost estimates so there are no last-minute surprises.

🎯 Why This Matters

Many buyers only plan for the mortgage and then feel “house poor” when the other bills roll in. My goal is to help you:

Buy a home you love
Stay financially comfortable
Plan for the real costs of ownership

👊 Work With a Pro Who Keeps It Real

Owning a home is one of the best financial decisions you can make—but only if you plan smart. I’ll walk you through every hidden cost so you feel confident, not blindsided.

📞 309-200-5480
🌐 CallDuvall.com