When buying a home, most people tend to look at the sticker price and forget about all the other expenses involved. So you aren’t caught off guard later on in the buying process, today we’ll be going over four costs that buyers need to keep in mind:
1. The home inspection. It’s incredibly important for homebuyers to have an inspection done. It will cost a few hundred dollars, but the peace of mind you’ll receive is priceless. If an item is found that needs an additional inspection, you may need to pay a few hundred more to get to the root of the problem. But, again, you’ll know exactly what’s wrong with the property and have that peace of mind.
2. Bringing cash to the table. Most buyers are expecting to bring in their down payment and some money for closing costs. However, escrow may ask for additional payment for things such as home insurance or property taxes. Be prepared to come with additional funds.
“Home inspections cost a few hundred dollars, but the peace of mind you’ll receive is priceless.”
3. Moving costs. Most buyers are surprised by how much it truly costs to move. You’ll need to hire a moving truck, pay for gas, and consider the amount of content you’re moving. Costs can easily add up to the thousands.
4. Immediate costs. You’ll have to pay for some things right after you move in. Expect to have locksmiths replace locks, put down a few hundred dollars for a utility deposit, make fixes around the house, and more. Have a rainy day fund and be prepared for these problems as they arise.
When you’re in the home, be prepared to pay for unexpected and routine maintenance. Keep a six-month emergency fund—you don’t want to use your credit cards and become saddled with those high-interest payments.
If you have a suggestion for a future video topic, have any questions, or need more information, feel free to reach out to us. We look forward to hearing from you soon.
