Buying a new house is exciting and the perfect way to get additional space. But if you don’t prepare for common expenses, you might get caught off guard.
Here are four common expenses to expect when buying a new house.
- If you’re moving a distance, you might hire a Durham mover. Hiring professionals can speed the process, but there’s a cost. To keep this expense affordable, shop around and compare moving rates from reputable companies.
- A down payment is one expense that most people would like to forget. But if you’re buying a new home, lack of cash can stop the real estate deal. Plan ahead and make sure you have a minimum of 5% down.
- In addition to a down payment, you’ll need about 3% for closing costs. This fee is paid to your lender and it covers a variety of mortgage-related costs, such as the title search and appraisal.
- Home inspections are optional, but highly recommended. An inspector can check the property for hidden structural and electrical damage. Thus, you know the true condition of the property before you commit. Inspections can run between $250 and $600, depending on the size of your property.