When buying a home there are a few common costs, like the down payment, that people tend to think of first. However, today I want to talk about four specific costs that people sometimes forget.
1. Inspection costs. On a standard 3-bed, 2-bathroom home, the cost could be $600 or $700 depending on the inspection company and the size of the home. This is especially relevant if an inspection wasn’t provided by the seller.
2. Closing costs. These are applicable for any transaction. If you’re using financing you’ll need to consider the expenses related to your lender, and you’ll also need to think about title and escrow fees. There are a number of other fees, as well. How exactly closing costs are handled will vary between counties.
3. Moving costs. Because this isn’t a cost that is directly associated with the transaction, people sometimes forget to factor it in. Nevertheless, if you are moving from one place to the next, you’re going to need to think about the cost of doing so. The cost of hiring a professional moving company can be in the thousands, but I absolutely recommend it so that you can avoid any damage to your personal belongings.
4. Immediate costs. Buying new furniture, turning on utilities, getting cable installed, and a number of other things are going to add up. You should also factor in any maintenance costs that might come up in your first year of living in your new home.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.