Besides mortgage payments, taxes and insurance, home repair costs are a certainty. Many people who own their homes -- especially first-time homeowners -- underestimate the costs, often neglecting to put money aside for repairs and home improvement. To avoid surprises and major budget-busters, experts advise putting money aside in advance and not leaving repairs and improvements to chance. For the average home, a good rule of thumb is to put 1 percent of your home's purchase price away every year in a household fund for emergency repairs. If you paid $200,000 for your home, divide by 12 -- plan to put away $167 a month. As time passes, your savings will mount, and when something goes wrong, you'll be ready. Unexpected repairs and improvements are the hidden costs of home ownership. Plan ahead, save a bit and be prepared. And that's the On The House tip for today.