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Five Costs That Can Surprise First-Time Homebuyers

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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!

  1. Closing Costs. Plan on adding an additional 2% to 5% for closing costs.1
  2. Repairs and Updates. 46% of owners spent more on projects than they had anticipated, and 57% encountered unexpected projects.2
  3. Homeowners Insurance. The average cost of homeowners insurance across the U.S. is $1,132.3
  4. Home Inspection. Costs range from $200-$600 depending on the size and location of your home.4
  5. 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!

References:

  1. https://www.daveramsey.com/blog/unexpected-costs-home-buyers-forget-to-plan-for
  2. https://www.cnbc.com/2016/12/13/the-cost-of-buying-a-home-its-not-just-the-list-price.html
  3. https://www.gobankingrates.com/investing/much-homeowners-insurance/
  4. https://www.kiplinger.com/article/real-estate/T010-C006-S001-hidden-costs-that-surprise-first-time-home-buyers.html