Remember These Costs When Buying A Home - Buying a home is an amazing milestone in your lifetime, but it comes at a cost and you always want to be prepared to handle those costs. Unfortunately, some costs are forgotten and then thrown at you throughout the process, which can be a daunting feeling. Check out these five costs to keep in mind when you’re buying a home.
This is one cost that you might forget, but you definitely do not want to ignore. The home inspector will examine the house from top to bottom before you close on the property. If they uncover any problems, you can negotiate with the seller before finalizing your deal.
Homeowner’s insurance is often overlooked, but extremely important to have in case of an emergency or accident. Usually your insurance will cover a lot of the damage or theft to your home.
When you close on your new home, you are very excited. You’ve 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 some things that the home inspector does not find, or there will be things you know you will need to fix from the beginning. Those small maintenance projects and repairs can really add up in price, so being prepared with the funds set aside to tackle these problems will be a huge asset to you in the long run.
Furniture and Decor
If you are moving into your first home, be sure to put aside some money to account for the furniture and decor you will need to buy in order to fill up your new home. Many people upgrade and move from small starter homes or apartments and forget about the added cost of filling your new, larger home.
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