Hidden Home Owners Cost

Dated: 07/07/2017

Views: 77

Budgeting for buying a home can be difficult enough when you're just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of them are one-time expenses that you'll pay during the home buying process, while others will be recurring costs for as long as you own the home.

Closing costs

There are several smaller fees that add up to a rather large sum when you're going through the closing process-loan fees, attorney fees, underwriting fees, and more. They typically add up to 2-5% of the purchase price. For a $300,000 home-roughly the national median-that's in the neighborhood of $10,000, so be sure to budget for it.

Appraisal

Your lender will require an appraisal, and the appraisal fee (a few hundred dollars) comes out of your pocket. Inspection

The few hundred dollars you'll pay for a home inspection is money well spent, but it's something you have to keep in mind during the purchase process. You'll have the peace of mind of knowing the house is free from any major issues, and you're making a smart, solid investment.

Insurance

Although homeowners insurance isn't legally required, it'll almost certainly be required by your lender. Further insurance, such as flood insurance, may also be required (depending on your location).

Home Owners Association

If you're living in a property or community with shared spaces, you'll almost certainly have an HOA fee. This pays for things like trash removal, maintenance of common areas, and for recreational facilities like gyms and swimming pools.

Latest Blog Posts

What Is Homeowners Insurance

The type of home insurance coverage you will need to buy will depend on whether you rent or own your home in Baton Rouge. Homeowners and landlords usually need complete home insurance. Those who

Read More

Top 3 Home Selling Renovation Tips In Baton Rouge

Selling or listing your home during the holiday season can sometimes be nerve racking. During the holiday season , the market usually slows down and buyers aren't ass motivated due to the money

Read More

Black Friday Deals Sneak Peak

Cyber Monday Deals Amazon is running their Cyber Monday Deals Week Sale. Every day Amazon will be offering 🔥🔥 Deals.Click Here to get a 30-day Amazon Prime trial for FREE.;

Read More

After The Great Flood Of 2016 Update

After the Great Flood of 2016 Baton Rouge's housing market has been on a rapid uprise. Some of the prominent more established neighborhoods have come back better than ever!Sherwood Forest ,

Read More