While these fees will vary depending on the invidial and property, it’s important to clarify the costs on the table so that you’re prepared. When you’re renting, these costs are included in your rent.
Home Inspection
While Home Inspections are not required, they are highly recommended, especially for First Time Homebuyers. An average inspection may cost anywhere from $400 to $600. Inspections can help uncover any problems with the home and prevent more costly repairs in the future. We work with several highly qualified Home Inspectos that we can reccomend.
Closing Costs
Financial experts recommend setting aside 2-5% of the purchase price for closing costs, and they must be available on closing day. This covers a variety of things, like notary services, title company search fees, attorney expenses, real estate transfer taxes, insurance premiums, and more. These will vary by town and property.
Maintenance Costs
It is recommended to put aside 1% of a home’s value per year for any unexpected maintenance expenses. For example, a $600,000 home would mean budgeting $6,000.
Moving Costs
While this might be the last thing on your mind, moving adds up too. If you’re planning to hire a moving company or renting a truck, you’ll want to allocate this into your upcoming expenses.
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