The home you buy is one of the largest investments you’ll make in your lifetime. Budgeting to ensure you have enough saved for a down payment is important, but there are other costs that are often forgotten and need to be taken into consideration before selecting your dream home.
These days, many mortgage insurance companies will require that the house you’re buying be professionally inspected. Even if it’s not required, paying to have a home inspection done can give you added peace of mind. An inspection can uncover hidden problems in a home that you’ll want to know about before you buy, such as mold, termites, and structural issues. Inspection costs can vary from one place to the next, but you should typically expect to spend a few hundred dollars.
A land survey is also recommended (and again, may be required by your mortgage provider) before you purchase a home. Specifically, this will involve a professional survey of the property, which will ensure you know exactly where your property’s boundaries are to avoid future disputes with neighbors or other issues. These surveys usually cost a few hundred dollars as well.
There are other fees and extra costs that homeowner’s are responsible for throughout the process of obtaining a mortgage and closing on a home. Consider, for example, the loan origination fee that your mortgage company may charge for processing your application. This can easily add up to several hundred dollars. And then there are other small fees that can add up to another few hundred, such as:
- appraisal fees
- title services and title insurance
- government recording charges
Finally, don’t forget to factor in moving costs as you budget for your new home. Moving isn’t cheap, especially if you plan on hiring a team of professionals to handle the heavy lifting for you. Depending on how far away you’re moving and how stuff you’ve accumulated in your current residence, you can expect to spend a couple thousand dollars or more on hiring professional movers. If you opt to move everything by yourself, you can save money, but will still need factor in the cost of the moving truck and packing materials.
As you can see, there are many costs to keep in mind when budgeting for a move aside from the sale price of your new home. By keeping these costs in mind and planning for them accordingly, you’ll be in good shape for a successful move. If you are in search of your next home or are looking to sell your current property, contact Parker Group. Our team has decades of local experience in Greenville, South Carolina, and is available to guide you through the process of home ownership.