CLICK TO ENLARGE:
Text alternative for Five Costs that Can Surprise First-Time Homebuyers
Buying your first home is exciting! As you start to save, be aware that there’s more to purchasing a home than saving enough for a down payment. Don’t be caught off guard with unexpected costs – prepare for them!
- Closing Costs. Plan on adding an additional 2% to 5% for closing costs.1
- Repairs and Updates. 46% of owners spent more on projects than they had anticipated, and 57% encountered unexpected projects.2
- Homeowners Insurance. The average cost of homeowners insurance across the U.S. is $1,132.3
- Home Inspection. Costs range from $200-$600 depending on the size and location of your home.4
- Moving Odds and Ends. Don’t forget to build in a moving budget. the odds and ends such as boxes, bubble wrap and deposits for utilities add up quickly!