Look Out for These Hidden Home Costs

It’s no secret that buying a home is a big investment. Most people will never buy anything more expensive than their home. You know about the down payment and the mortgage, but there’s more to it than that! The last thing you want is to be caught unawares when you’re preparing for this big expenditure. Don’t forget about these hidden home buying costs when you’re planning your budget.

  • Home Inspection. Usually costing between $300 – $500, this is a fee you’ll pay regardless of whether or not you buy the property. A home inspection is meant to protect you from purchasing a lemon, so you definitely don’t want to skip it! money
  • Mortgage Costs. The total cost of your home loan doesn’t just include the amount you borrow. It also includes interest and often includes private mortgage insurance depending on your lender.
  • Loan Fees. These include one-time fees for loan applications (to pay for background and credit checks, paperwork costs, etc), appraisals (to make sure the property is worth what you’re paying for it), lender’s origination fees (an up-front cost charged to you by the lender for making the loan), and title services (to cover notary services, property title searches, etc). And don’t forget about closing costs! Figure about 2.5% of the loan for these.
  • Ongoing Costs. When you own rather than rent, you’ll be responsible for ongoing costs like property taxes, homeowners association fees, and homeowners insurance, as well as maintenance on your home, appliances, and property.

All this can seem like a lot to think about, but don’t panic. When you’re ready to buy a home in the metro Atlanta area, let The Premier Group help! Our agents are friendly, knowledgeable, and fully versed in the buying and selling of homes. Call us today!