For a condo, there are condo fees to consider. They never go down and at best, only some of it is deductible on taxes. On the up side, the fees may cover some of those maintenance costs mentioned elsewhere. Speaking of taxes, you will likely be able to itemize and this may reduce the amount you pay in federal and state taxes. So, I would set money aside monthly into a maintenance reserve, but also estimate my taxes and reduce withholding by any reduction in taxes (the target is to have just a little more withheld than you will owe so that you get a small return).