Buying a home is the largest investment most people make in their lives. You save up the downpayment, but Rachel Graf of Mashable points out:
"Not included in that hefty figure are closing costs and optional home inspection fees that buyers also are expected to pay. Closing costs, for example, include processing fees, underwriting fees, recording fees, survey fees and title insurance fees, and typically will put homeowners back an additional 2% to 5% of the loan amount. Home inspection fees average another $250 to $375, according to
HomeAdvisor.
"Although these are generally one-time costs and therefore relatively easy to prepare for, there exist other, more hidden costs of homeownership that people might forget to include in their financial plans."
Here are some of those costs you may not have considered when deciding how much you can spend on a home.
To read the full explanation of each point on Mashable Lifestyle, click here.
1. Interest rates on mortgages
2. Property taxes
3. Homeowners insurance
4. Natural disasters
5. Insurance deductible
6. Preventative maintenance
7. Unexpected rate increases
8. Homeowner associations
9. Waste collection
10. Grounds upgrades
Buying a home is the largest investment most people make in their lives. You save up the downpayment, but Rachel Graf of Mashable points out:
"Not included in that hefty figure are closing costs and optional home inspection fees that buyers also are expected to pay. Closing costs, for example, include processing fees, underwriting fees, recording fees, survey fees and title insurance fees, and typically will put homeowners back an additional 2% to 5% of the loan amount. Home inspection fees average another $250 to $375, according to HomeAdvisor.
"Although these are generally one-time costs and therefore relatively easy to prepare for, there exist other, more hidden costs of homeownership that people might forget to include in their financial plans."
Here are some of those costs you may not have considered when deciding how much you can spend on a home. To read the full explanation of each point on Mashable Lifestyle, click here.
