HIDDEN HOMEOWNER COSTS

Dated: 02/05/2018

Views: 7

HIDDEN HOMEOWNER COSTS

Factor these hidden costs into your budget when you’re planning to buy a home.

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 homeownership. 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.

Search Homes For Sale | We're HIRING | Crypto Currency | Travel

Coverage Area

Acworth | Alpharetta | Atlanta | Austell | Avondale Estates | Ball Ground | Berkeley Lake | Big Canoe | Braselton | Brookhaven | Buckhead | Buford | Canton | Carrollton | Cartersville | Cave Spring | Cedartown | Chamblee | Chattahoochee Hills | Clarkston | Cleveland | College Park | Commerce | Conley | Conyers | Covington | Cumming | Dacula | Dahlonega | Dallas | Dawsonville | Decatur | Doraville | Douglasville | Duluth | Dunwoody | East Point | Ellenwood | Fairburn | Fayetteville | Flowery Branch | Forest Park | Gainesville | Grayson | Hampton | Hapeville | Hiram | Jasper | Johns Creek | Jonesboro | Kennesaw | Lawrenceville | Lilburn | Lithia Springs | Lithonia | Locust Grove | Loganville | Mableton | Marietta | Mcdonough | Milton | Newnan | Peachtree City | Peachtree Corners | Powder Springs | Riverdale | Rockmart | Rome | Roswell | Sandy Springs | Savannah | Smyrna | Snellville | Social Circle | Statham | Stockbridge | Stone Mountain | Sugar Hill | Suwanee | Talking Rock | Tucker | Union City | Villa Rica | Waleska | White | Winder | Woodstock | Zebulon


Blog author image

John Thomas

Hi, I'm John Thomas, and I am a full-time/full-service REALTOR® at eXp Realty in Atlanta Georgia. I was born in Chicago, grew up in Elmhurst. I attended York High School and Loras College. I have a B....

Latest Blog Posts

Five Features of a Fantastic Flip

Now that you’ve bought a home of your own, you might be thinking that you’re kind of good at handiwork and you want to give flipping a go. It’s certainly one way to make money in

Read More

Prepare for the Next Natural Disaster with These 7 Tips

Any time there’s a natural disaster, emergency preparedness is all anyone can think about. But soon after the news coverage fades away, it’s back to the same old grind, with little brain

Read More

Splish, Splash, Tips for a New Backsplash

You’ve been watching HGTV again and you’ve been inspired to do something about that dated backsplash in your kitchen. It’s not exactly a small job, but certainly one an adventurous

Read More

Kids All Grown Up....This Home Is Too BIG Now

Getting our first home was so exciting. All we could think about was, the Bigger the Better. When we first decided to buy a home, We were living in a two bedroom apartment. At that time, we only had

Read More