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. @lesliehuggins01
If you are ready to start your buying or selling process
give me a call at 478-954-3774 - I´m happy to answer all your questions.