1. Closing costs (if the seller doesn't pay closing costs, you will also have 1-3% of the loan amount in closing costs in additional to the down payment)
2. Repairs...you don't have repairs when you rent. There are a lot of things that can break...plumbing, electrical, leaks, toilet, drains stopped up, painting exterior and interior, landscaping, water heater, garage door, windows, furnace, AC, appliances...it goes on and on. And bigger costlier issues like drainage, foundation, roof leaks, etc.. When you rent if something goes wrong you call the landlord to fix, now it is all on you.
3. Upgrades to the house...if you want to upgrade floors, kitchen, bath, etc... it's all on you now, not the landlord.
4. You don't have a water bill as renter, you will as a homeowner,,,and possibly garbage cost too.
5. When you rent you may have more flexibility to move for a job change, etc...when you buy it's a little less flexible, you would have to rent your house if you were relocated
Some very key "hidden costs of renting":
1. You do not get the tax break of writing off mortgage interest and property taxes (this is big) when you rent
2. When you make a mortgage payment every month part of that goes to paying down the loan principle, so you will own the property outright one day. When you rent, 100% of you rent goes to paying off the landlords loan.
3. When you rent the owner can sell or move in and you are forced to move without much notice
4. When you rent you can't upgrade the place as you like it (paint, re-do kitchen, etc....but when you buy and upgrade it's an investment).