It's important for home buyers to think past the initial purchase to the continued costs associated with maintaining a home. In addition to the expense of buying furniture and decorating, there are many hidden costs that can appear somewhat unexpectedly.

I advise putting some money aside based on the age of your major appliances and mechanics. If your furnace is approaching the 15-20 year old range, it's time to budget $2500 to $7000 for its replacement.

Some repairs cannot wait, for example roofs. They need to be fixed or replaced as soon as a problem arises, if not before. Roof maintenance can even extend the life of your roof an extra 5-10 years. Stripping and reshingling with asphalt shingles can cost from $3 to $10 per sq .ft. Replacing an oil tank also can't wait and costs from $1200 to $2500.

Putting aside from $100 each month to 10% of the value of your home each year is a good ballpark for how much repairs will cost you over the lifespan of your home.