Planning to buy a home, whether it is your first or your fifth, is a multi-faceted process that requires planning. Having a thorough list of your wants and needs, and a real estate agent you can trust to help you follow that list is a great place to start.

Of course, your budget will be an essential factor to keep in mind as you choose your next home. Don't forget to consider these 5 expenses of homeownership that are often overlooked in the house-hunting process.

1. HOA Dues

While it won't always apply, any home that is located in a homeowners association (HOA) managed community is going to come with HOA dues. These might be due monthly, quarterly, or annually and can vary significantly in cost depending on the amenities offered.

Before buying a home in an HOA-managed neighborhood, make sure to find out as many details as possible about what your costs will be, including regular homeowners' dues and whether the homeowners might be responsible for additional emergency costs if they were to arise.

2. Utilities

Chances are you are already used to paying for utilities, whether you currently rent or own. However, the utilities in the new home you are considering may be different based on multiple factors, including:

• Age and energy efficiency of the home
• Type of energy used
• Size of the home
• Location in comparison to your current home (if the utility companies, and therefore the usage rates, will differ)

Take some time to make an educated estimate of your new ongoing utility costs to avoid an unpleasant surprise after moving in.

3. Furnishing and Renovation

If you are planning to remodel the home, chances are you have already begun to plan out that budget. However, every home comes with some new opportunities to redecorate. Consider how much you plan to spend on decorating, renovating, and furnishing your new place.

Even if you don't want to spend much, you may find that there are some necessary expenses that occur, like having to replace the furniture that does not fit in the new place or needing to buy appliances that are not included in the sale of the home.

4. Maintenance

The maintenance costs associated with living in a home you own, in contrast to one you rent, can provide a bit of sticker shock if you are not thinking ahead. Each home you consider may come with some surprise maintenance costs, which is why an emergency fund it always a good idea as a homeowner.

There are some ways to anticipate ongoing maintenance costs or one-time expenses that are likely to come up in the near future. If you are buying a new construction home, chances are that your maintenance expenses for the next few years will be limited to filters for your HVAC, seasonal maintenance like gutter cleaning and sprinkler blowouts, and perhaps some carpet cleaning or countertop sealing. However, if you are buying an older home, pay careful attention to your inspection report and make a conservative estimate of your ongoing expense or upcoming repairs that will be needed.

Related: You Might Consider a Home Warranty to Cover any issues with Appliances for the first year.

5. Closing Costs

Your closing costs are a one-time expense of homeownership that should be taken into account. Your mortgage lender can provide an estimate of these when you get pre-approved, and you will get an official number after your offer is accepted. You may be able to negotiate with your seller to cover some of these closing costs, but it is best to be mentally and financially prepared to cover them yourself.