Remember These Costs When Buying A Home – Purchasing a home is an exciting milestone in your life; however, it comes at a cost and you should always want to be prepared to manage all of the costs of buying a home. Unfortunately, some costs are forgotten and then thrown at you quickly throughout the process, which can leave you feeling stressed. Check out these five costs to keep in mind when you are buying a home.
This is one cost that you nay forget, but definitely do not want to push to the wayside. The home inspector will examine the house from top to bottom before you close on the property. If they find any problems, you can negotiate with the seller before finalizing your deal.
Homeowner’s insurance is frequently overlooked, but is very important to have in case of an emergency or accident. Often times your insurance will cover a lot of the damage or theft to your home.
When you close on your new home, you are ecstatic. You have finally done it, you have purchased your first home! Now what? The closing fees will be anywhere from 2% to 5%, and cover things like loan origination fees, attorney fees, prepaid homeowners association fees and more.
Maintenance and Repair
Unfortunately, there are a couple of things that the home inspector doesn’t catch, or there will be things you know you will need to fix from the beginning. These small maintenance projects and repairs can really add up, so be prepared with funds set aside to tackle these problems so that you can benefit in the long run.
Furniture and Decor
If you are moving into your first home, be sure to set aside some money to account for the additional furniture and decor that you will need to purchase in order to fill your new home. Many people upgrade and move from small starter homes or apartments and do not fully realize the added cost of filling your new, larger home with more furniture and other decorations.
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