You’ve been saving for years, building up enough money for a sizable down-payment or even for a complete cash offer on a house, and you’ve found the perfect house to buy. But, are you prepared for ALL of the costs that come with buying a home?
Here are some expenses that are often aren’t considered, and come as a surprise to home buyers:
High closing costs: Make sure you save 2-5% of your home purchase price for your closing costs. You don’t want to max out your budget, and then be left scrambling to cover costs like: inspection fees, appraisal, property taxes, mortgage insurance, title insurance, underwriting fees, and more.
Price increase: When unexpected curve balls get thrown your way during the home buying process (like a low appraisal or a competing offer), often the only fix to the situation is more cash.
Moving Expenses: So you’ve bought the house, now what? Moving can be expensive. Whether you are doing a DIY approach or hiring professionals, you’ll need some money to get moved into the home you just bought.
Also, don’t get ahead of yourself wanting to furnish your new place. Make sure you have the funds before you spend!
All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation. *This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
