Unexpected Costs For Homebuyers [INFOGRAPHIC]
If you’re a first-time homebuyer — or if it’s been a while since you last purchased a home — navigating exactly what you owe can be tricky. Understanding unexpected costs can help you avoid sticker shock and stay on budget.
Check out the infographic and keep reading to find out the most common homebuying costs.
Unexpected Homebuying Costs
1. Closing Costs
Closing costs are the fees above and beyond the price of the home. Both the buyer and the seller owe closing costs at the time of the real estate sale. You can expect to pay between 2% and 5% of your home’s purchase price.
Here are some specific items associated with the buyer’s closing costs:
- Closing Fee
- Courier Fee
- Credit Report
- Escrow
- Flood Determination/Life Of Loan Coverage
- Interest
- Lender Fees
- Survey Fee
- Title Search or Exam Fee
- Title Insurance
At close, your title company’s representative will explain all charges to you in detail. You should have a good idea of closing costs well before the actual date. If the charges seem too steep, you can sometimes negotiate and have the seller pay for some of the closing costs. In addition to that, many lenders give you the option of rolling your closing costs into your mortgage payment.
2. Home Inspection and Appraisal
3. Homeowners Insurance
4. Maintenance and Repairs
5. Private Mortgage Insurance
6. Property Taxes
When it comes to buying a home, it’s important to think beyond your loan principal, interest, and down payment. Being informed will help you avoid sticker shock and budget successfully for those unexpected homebuying costs.
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