Unless you're racing competitively, there's no need for that extra bit of grip. Also, since you don't want to be riding around on soft race tires on the street you'll need a second set of rims. This is expensive up front but, will pay for itself in the long run. There's one important tire lesson I can't seem to learn well enough. This will wear them out twice as fast or kill them outright.
Brakes are another area where consumables can add up in a hurry.
As with tires, higher coefficients of friction mean faster wear. Initially, you can get by okay with street pads. My personal favorites are Performance Friction street compounds. Heat kills brakes so try to keep them as cool as possible. Choose wheels that have plenty of open area for air and heat to escape.