Unexpected Costs When Purchasing a Home

couple signing contract

When you budget for a home purchase, you aren’t just going to be paying the purchase price. Here are some of the common costs you may not know when buying a home, and how you can prepare for them.

Closing Costs

Real estate transfers always have additional cost associated with them, and they typically come in the form of closing costs. These are usually fees that are assessed in order to pay for administrative costs on the part of the lender, title insurance fees, prepaid property taxes, attorney costs, and more. Depending on the lender, closing costs typically range from between 1% to 4% of the total purchase price of the home. Make sure you get an estimate from the lender so you can budget, but be aware that it may change once you reach closing.

Inspections

Inspections are non-negotiable in home purchases. For a few hundred dollars, you can potentially save thousands in unexpected repairs. If the inspector finds any serious issues, you may need to spend more for a specialist to dig deeper into the issues. However, it is always worth it to have the home inspected.

Furniture

Budgeting for furniture is one of the most commonly overlooked expenses when buying a new home. It can be a significant cost depending on the size of the home and the amount of furniture needed. Do your homework ahead of time and factor in a furniture budget. Your guests will thank you!

Moving Costs

Professional moving services can cost up to thousands of dollars depending upon the amount of material and the distance of the move. Seek out quotes from multiple vendors so you know you are getting competitive rates, and make sure you have enough set aside to get your belongings safely into your new home.

Navigating the process of buying or selling a home is complex, so you need expert advice from real estate professionals who can help you prepare for the journey. If you’re thinking about buying or selling a home in the Greenville area, contact Parker Group today. We offer a full line of residential real estate services to help you maximize the value of your real estate transaction.

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