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“Ask Our Agent”: The Hidden Costs to Home Ownership in Montclair

Farnoosh Torabi October 9, 2025

Ask Our Agent with Compass Real Estate Agent Karin Diana, Founder of The Home Collective

Grab Diana’s free worksheet that lays out the pros and cons to renovating or selling your home — with numbers! Email her Karin.Diana@compass.com.  

Buying a home in Montclair can feel like the end of a long race with months of listings, bidding wars, and mortgage paperwork finally behind you. But as Compass Montclair real estate agent Karin Diana says, it’s often just the beginning of a new financial reality.

Most buyers, she explains, are well-prepared for the upfront costs such as closing fees, attorney bills, title and lender charges, and transfer taxes. Where things tend to go off-script is after move-in day. “What surprises a lot of homeowners are the expenses that come up post-closing,” she says.

The First Shock: Repairs and Replacements

Many new owners discover problems only once they’ve settled in. Diana recalls clients who had to schedule costly mold remediation within weeks of moving, which became an unexpected hit that threw off their early budgets. Even newer homes can hide wear and tear. “It’s easy to be dazzled by a beautiful kitchen during a showing,” she says, “but once you actually start using the appliances, you realize they’re aging faster than you thought.”

Renovation Dreams, Real-Life Price Tags

Once the boxes are unpacked, the focus often shifts to making the house feel like home, from painting to redecorating and remodeling. But those projects can add up fast. Diana says many first-time buyers are coming from rentals, where maintenance and upgrades weren’t their responsibility. “Replacing a floor or updating a bathroom can cost a lot more than most people anticipate,” she says. Even modest decorating projects, she adds, tend to run higher than expected once labor and materials are factored in.

The Commute Catch

Montclair’s proximity to New York City is one of its biggest draws, but commuting costs can sneak up on new homeowners. Diana points out that shifts in work schedules can lead to unexpected expenses. “If you suddenly start going into the city more than you planned, the cost of train fares, parking, and tolls really adds up,” she says. Building some flexibility into your monthly budget can help absorb those changes without stress.

When “Someday” Projects Start Sooner

Even plans like finishing the basement, upgrading the landscaping, or redoing a bathroom can create long-term financial strain if not carefully planned. Diana encourages homeowners to seek multiple estimates for any project, big or small. “Get at least three quotes,” she says, “and don’t underestimate the value of local word-of-mouth.” She recommends community resources like the Montclair Rehabbers Facebook group, which is packed with genuine contractor reviews and advice from other homeowners.

Planning Ahead for Peace of Mind

Owning a home in Montclair is an investment not just in property, but in ongoing upkeep. From appliance repairs to commute costs to home improvements, Diana says the key is realistic budgeting and flexibility. “Homeownership is full of surprises,” she says. “The more you can anticipate and plan for them, the easier it is actually to enjoy your home.”

Farnoosh is a Montclair resident and seasoned multimedia journalist. She began her career in local news in New York City. She is a bestselling author of multiple books and the host of the Webby-winning podcast So Money. Farnoosh attended Columbia’s Graduate School of Journalism.

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