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Forgotten Homebuyer Expenses That You Should Know About
A home is probably the most expensive thing you will ever buy – and it’s easy to get caught up in the price of the home and the down payment. When preparing to buy a home, or simply saving for when the time comes, it’s important to remember these expenses.
Closing costs include transfer taxes, title insurance, the appraisal and other fees – adding up to 5-6% of the home price. To put this in perspective, if you’re planning to put down 20%, you actually need to have available 26% of the home price. If you don’t have this available, it is possible to ask the seller for a sellers assist; in this case, you still pay for the closing costs, it is just factored into the price of the home and then the mortgage.
Inspections are factored into closing costs, but you will pay for them before closing. A general home inspection will run between $500-600, which you will pay at the time of inspection. What is often forgotten is the cost of extra inspections. For example, if the inspection report says that there is something wrong with the plumbing, you will want to get a plumber out to quote repairs – which may cost you.
Property Taxes and Insurance
At closing, you will put aside money for taxes and insurance. Moving forward, you will pay these costs monthly with your mortgage payment. At the end of the year, your lender will make these payments of your behalf.
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