23 Hidden Costs of Buying a Home
Buying a home comes with all kinds of hidden costs buyers might not be expecting. From appraisal fees to property taxes, here’s what you should prepare for.
When you buy your first home, it is easy to get caught up in the excitement. You might be busy imagining how you’ll decorate or what your life in the home will be like over the next few years. Then you open that first Loan Estimate and get hit with sticker shock. Escrow fees, title transfer taxes, insurance charges … what are all these extra costs?
Maybe you got so swept up in the exhilaration of buying a home that you forgot to budget for the costs of furnishing a larger place in addition to your closing costs. Now, your home has a number of empty rooms!
When you buy a home, you might expect certain costs, such as the down payment and earnest money deposit, but there could also be hidden costs that first-time homebuyers especially may not anticipate.
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These hidden costs of buying a home could leave you feeling buyer’s remorse. Many underestimate the total expense of owning a home, including taxes, insurance, and other unexpected disbursements. In fact, almost 41% of first-time buyers are less aware of the costs associated with owning a home.
This guide breaks down common hidden costs of buying a home and how much you should budget for each, so you can be prepared when it comes to closing on your dream home.
Buyers, just be aware that the market is changing.
Esperanza Marroquin
Real Estate Agent
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Esperanza Marroquin
Real Estate Agent at MARRO REAL ESTATE5.0
Currently accepting new clients
- Years of Experience
21- Transactions
989- Average Price Point
$308k- Single Family Homes
965
