Buying a home is exciting, but let’s be real—it can also be a little overwhelming. One thing people don’t always talk about? The hidden costs. Don’t worry, I’m here to break them down so you’re prepared every step of the way.
Closing Costs
You’ve saved for your down payment, but don’t forget about closing costs! These typically include appraisal fees, title insurance, and legal fees. Expect them to add up to 2-5% of your home’s purchase price.
Taxes and Insurance
Property taxes and homeowners insurance can be easy to overlook when budgeting. Be sure to ask your lender for estimates so there are no surprises later on.
HOA Fees
Is your dream home part of a community with an HOA? Those fees can cover amenities and maintenance but might add a couple of hundred dollars to your monthly expenses.
Maintenance and Repairs
Once you’re a homeowner, it’s on you to fix things when they break. Set aside 1-3% of your home’s value annually for unexpected costs.
By planning for these hidden expenses, you’ll feel more confident in your home-buying journey. Remember, I’m always here to help guide you!