# The Hidden Costs of Buying A Bigger House

When you purchase a new house, it’s easy to start looking at larger homes slightly above budget. But there are more costs associated with larger homes than just the initial purchase price.

`<p><a href='http://www.investmentzen.com/news/the-hidden-costs-of-buying-a-bigger-house/'><img src='http://cdn.investmentzen.com/wp-content/uploads/2017/03/the-hidden-costs-of-buying-a-bigger-house_infographic.png' alt='The Hidden Costs of Buying A Bigger House' width='800px' border='0' /></a></p> <p>Via: <a href="http://www.investmentzen.com/news/the-hidden-costs-of-buying-a-bigger-house/">InvestmentZen.com</a></p> `

After calculating energy costs, property taxes, home furnishings and home maintenance, those extra 500 square feet can end up costing you thousands of dollars more than you realize.

## Average one-time costs when buying a new house

• Purchase price of a average new house:   \$84/sq ft
• Closing costs:   3.5% of the home price
• Costs to fully furnish a new home:   20% of the home price

## Average annual costs of home ownership

• Energy costs:   \$1.03/sq ft
• Maintenance:   1% of the home price
• Property taxes:   1.3% of the home price

Over a 30 year mortgage, each additional 500 square feet of space will cost you an extra-

• \$42,000 in initial purchase costs
• \$1,470 in closing costs
• \$8,400 in furnishing
• \$24,148 in mortgage interest
• \$16,506 in property taxes
• \$15, 450 in energy costs
• \$12,600 in maintenance

### How much that bigger home will REALLY cost you over 30 years assuming you have a 30-year mortgage at 4%

• A 1000 sq ft house will cost you an extra \$241,148
• A 1500 sq ft house will cost you an extra \$361,722
• A 2000 sq ft house will cost you an extra \$482,297
• A 2500 sq ft house will cost you an extra \$602,871