What additional factors can increase the costs associated with owning a home?

Owning a home comes with a variety of costs beyond just the mortgage payment, and both utilities and homeowner association fees are significant contributors to those additional expenses.

Utilities, which include electricity, gas, water, internet, and garbage services, can vary widely based on usage and local rates. These ongoing costs are essential for maintaining a comfortable living environment and can significantly add to the overall monthly expenses of homeownership.

Homeowner association (HOA) fees are another critical factor; they are typically charged by communities with shared amenities or services, such as pools, parks, landscaping, or security. These fees can be substantial and often increase over time, further raising the total cost of owning a home.

By recognizing that both utilities and homeowner association fees contribute to the overall financial burden of homeownership, it becomes clear why the correct response includes both factors as items that can increase costs associated with owning a home. This understanding is crucial for prospective homeowners when budgeting for their future expenses.