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Budget for These Hidden Home-Buying Costs

I’m sharing four things that every homebuyer should factor into their budget.

 

It’s not cheap to buy a home in today’s market. A lot of buyers just look at the asking price of a home and calculate their monthly payment to determine affordability, but you’ll need to consider other expenses when formulating your budget.

Let’s go through some of the hidden costs of home buying that you should know about:

1. The home inspection. This could cost you anywhere from $400 to $800. An inspector will look at all major systems in a home and uncover any red flags. If one comes up, they’ll want you to bring in a specialist to have another inspection. It’s worth the money to make sure huge expenses don’t come up down the road.

2. Cash to close. Your lender may need you to prepay some taxes or have some reserves in place to cover various fees. Talk to your lender to see what those fees look like.

“Inspections are worth the money to avoid any red flags down the road.”

3. Moving costs. Depending on how many belongings you have, you could spend anywhere from $1,000 to $5,000 on movers and moving equipment.

4. Cash for surprise upgrades or repairs. Set aside a little cash just in case you need to make any repairs in the first year or two.

If you have questions about the costs of buying a home or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

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