Up Pops the Real Price Tag

Settlement isn't the end for taxes, of course. Buyers also need to be careful when researching the property taxes on residences -- that is, what they will owe the locality each year they own.

In the District and Maryland, property tax increases on many residences are capped by law.

However, when new buyers purchase the home, that limit on property taxes disappears, and buyers may be surprised to see just how high their property taxes can soar. The Montgomery County Council this week approved legislation that will require sellers to disclose likely increases, starting next year.

"You'll often see a tax bill jump in the region after closing," McDuffie said. "A property's tax bill may not have gone up proportionally to the area's normal tax rates. You buy that same property and you'll have your taxes restructured. Suddenly you'll be facing some taxes you didn't expect to pay."

Assessments Add Up

Many other costs of buying a residence, of course, show up long after the real estate transaction is closed. This is especially true when buyers are purchasing residences in condominium buildings or subdivisions that come with association fees.

Buyers are usually prepared to pay monthly fees for lawn-mowing, snow-shoveling and other services. But there are times when people buy into a development only to find that their condo's board of directors is on the verge of levying a special assessment to repair that cracked outdoor swimming pool or to renovate that dreary entrance hall.

This new fee can add a significant amount to monthly payments.

"These fees may be about to be approved and not yet appear in the condominium documentation," Worthington said. "A cursory look at the conditions in the building may give buyers an idea that an assessment may need to be charged to fix something.

But these special assessments can be a surprise to a first-time buyer. They don't happen often, but they do happen."

Buyers most likely won't be able to predict future special assessments. But they can at least ask the association's board members if they are planning any large projects that will call for special fees.

Maintenance Matters

There's another cost that home buyers can never predict with anything near 100 percent accuracy: the bills for maintenance.

Educated guesses are possible. It may be safe to assume that a 100-year-old home will require more dollars for upkeep than will a two-year-old residence. But even then, nothing is certain.

That's why agents say that buyers should always spend the $250 to $450 that a home inspector typically charges. Inspectors are paid to comb through a residence while searching for faulty systems, leaky roofs, patches of mold, potentially leaky basements and other costly problems.

But inspectors are not infallible. They miss things. And some problems can't be spotted. That's why homeowners should set aside a budget for maintenance and repair projects every year.

"The worst is when inspectors don't find a problem that turns out to be an expensive one after the buyers purchase the home," Worthington said.

"It happens occasionally. No one can predict that. But you need to have some money set aside for potential repairs. You don't want to get behind financially if something does go wrong."