3 Hidden Costs of Home Buying
The process of purchasing a new home can be exciting and quite daunting at the same time. While buyers may be savvy and know there are certain costs involved, there are some expenses they may not have thought about. According to FloridaRealtors , 44% of buyers are unaware of all the costs associated with buying a home.
Here are three top expenses to consider when buying a home.
* Closing Costs: You may know that you have to pay closing costs, but did you know that the average closing costs range between 2% to 5% of the purchase price?
* Homeowner's Insurance: You probably know you'll need homeowner's insurance, but did you know that you won't be able to get loan approval without purchasing a policy before you close? It will be included in your closing costs, but you need to factor it in when getting an estimate of closing costs. Even if you're a cash buyer, you absolutely should get homeowners insurance to protect your investment.
* Home inspection: Whether it's a preexisting home or new construction, buyers should have a home inspection done. The cost of an inspection depends on location and size of the home. There are different types of inspections as well that you may need to get depending on the home.
These are just a few things you should consider and can discuss with your realtor before you start the process. If you would like more information on the home buying process, click HERE
Nita McClellan, Realtor SFR CNE