The Costs of Buying a Home
Financial Preparation
Much more goes into buying a home than just the monthly payment. We would like to educate you on all of these expenses so you can be prepared. Being aware of these costs now is better than being shocked later. Our goal is to prepare you for these financial obligations so that there is no disconnect between your expectations and your reality.
Anticipated Costs
Here is a list of fees that people are commonly aware of when purchasing a new home:
- Down payment
- Cost of rate
- Closing costs
- Origination points
- Escrow title fees
- Appraisal
- Accounting and recording fees
- Prepaids and reserves
- Property tax reserves
- Homeowners insurance
- Prepaid interest
Unanticipated Costs
In addition to the costs listed above, there are some less discussed fees that go into buying a new home. These costs are:
- Earnest money
- Home inspection
- Sewer inspection
- Radon inspection
- Cost of moving
- Cost of possible storage
- Breaking your lease
- Cost of appliances/window coverings
- Utility startups
Awareness of these costs is your job. Being your planning expert for these costs is our job. If you have any questions about these fees, let’s start a conversation.
