Budgeting for buying a home can be difficult enough when you're just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of them are one-time expenses that you'll pay during the home buying process, while others will be recurring costs for as long as you own the home.
There are several smaller fees that add up to a rather large sum when you're going through the closing process-loan fees, attorney fees, underwriting fees, and more. They typically add up to 2-5% of the purchase price. For a $300,000 home-roughly the national median-that's in the neighborhood of $10,000, so be sure to budget for it.
Your lender will require an appraisal, and the appraisal fee (a few hundred dollars) comes out of your pocket. Inspection
The few hundred dollars you'll pay for a home inspection is money well spent, but it's something you have to keep in mind during the purchase process. You'll have the peace of mind of knowing the house is free from any major issues, and you're making a smart, solid investment.
Although homeowners insurance isn't legally required, it'll almost certainly be required by your lender. Further insurance, such as flood insurance, may also be required (depending on your location).
Home Owners Association
If you're living in a property or community with shared spaces, you'll almost certainly have an HOA fee. This pays for things like trash removal, maintenance of common areas, and for recreational facilities like gyms and swimming pools.
Author:Chris Soignier Phone: 817-480-9514 Dated: July 19th 2017 Views: 188 About Chris: Serving clients in Northeast Tarrant County and surrounding areas, I'm also an active real estate in...
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"Sheree is such an upbeat person and always a pleasure to deal with. Quick to respond to any questions or concerns through our search and through the purchase. I traveled quite a bit while looking for a new home. Sheree worked around our family schedule. She made sure all documents and aspects of our purchase went smoothly. I appreciated her ability to work over email, phone and fax when needed. Sheree also negotiated well on our behalf to ensure the home was move in ready and on schedule. She was patient but always kept the process moving forward. This was my fourth home purchase. Definitely the best experience overall."