10/21/2021
🔎 3 HIDDEN COSTS OF BUYING A HOME + HOW TO PREPARE FOR THEM
Did you know it costs more than just a down payment when purchasing a home?
A lot of home buyers begin the process & think - well, I only have to come up with a down payment. Right?
Not quite...
During the home buying process, there are actually quite a few different places additional costs occur. So, let's break them down! 🤓
1️⃣ Closing Costs
These are the fees that cover escrow, title, and lender services. Typically, they're about 2.5-3.5% of the purchase price.
2️⃣ Cost of Inspections (Non-refundable)
You will pay for a home inspection report and an appraisal report (if financing) which are both non-refundable and due at the time of inspection (approximately $1,000 for both) - even if you don't end up buying the home.
3️⃣ Supplemental Taxes Within a Year
Literally, no one talks about this - but within a year of purchasing your home, you will get a supplemental property tax bill which is something you will be responsible to pay for. This is a tax bill that basically taxes you on the reassessed value of the property (homes are reassessed for property taxes that are due every transfer of ownership.)
🙅♀️This is NOT meant to discourage you - in fact, it's meant to empower you to stop feeling unsure about the costs associated with buying so that way you can decide if it's the right move for you and your family.
❓ Want to know more about hidden costs associated with buying a home?!
👉 I’ve outlined everything there is to know about the home buying process! Shoot me a DM so I can send you my top home buying tips in 2021!
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