Considering buying real estate?
Sometimes when we get excited about buying a house on the beach or far from our neighborhood, we can forget important details related to costs such as: closing costs, insurance and moving costs.
This can be a big surprise and it is better to be prepared with a good financial plan to avoid headaches.
Here are a few tips to keep in mind when deciding to buy real estate.
44% OF HOMEBUYERS report they weren’t aware of all the costs associated with buying a home.
Top expenses that new homebuyers sometimes forget to factor in:
CLOSING COSTS
These range between 2% to 5% of the loan amount. The national average is about $6,000.
MOVING COSTS
The national average cost of moving is about $1,400 with a range from $800 to $2,150. (That’s for a two-person moving team completing a local move of less than 100 miles. The average cost of a long-distance move: between $2,200 and $5,700.)
HOME INSPECTIONS
These typically run from $300 to upward of $600 depending on the location and size of the home.
TITLE INSURANCE
The average cost of title insurance is around $1,000 per policy, but that amount varies widely from state to state and depends on the price of your home.
POTENTIAL RENOVATIONS
A 2017 survey found that new homeowners spent an average of $10,601 on furniture, appliances, and home repairs — in the first year.
