There are four costs that tend to sneak up on first-time homebuyers during the home purchase that you need to plan for.
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Don’t forget about these costs when buying a home.
The third cost is potential moving costs. Depending on how far you’re moving, this cost can add up, especially if you’re using a U-haul vehicle or a moving company.
Finally, you have first-year surprise expenses. Within your first year of homeownership, there’s a very real likelihood you’ll have some surprise expenses pop up. This is why I recommend having an emergency fund in place just in case. Dave Ramsey—whom we’re endorsed by here in the greater Tacoma area—can serve as a great reference for how to set up an emergency fund and create financial stability in your life.
Additionally, while we’re on the topic of expenses, you should know that what’s even more expensive than any of these costs is paying your landlord’s mortgage. Locally, it’s more affordable to own a home than it is to rent one.
If you have any more questions about the unexpected costs of buying a home or you’re interested in buying a home in our area, don’t hesitate to reach out to us. We’d be happy to help set you on the path toward homeownership.
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When buying a home for the first time, there are four unexpected costs you might not be aware of but must be prepared for.
The first is the home inspection cost. Paying for a home inspection is money well spent. The cost of one can depend on the size of the house, but you can expect to pay around $400, give or take. During the inspection, a professional home inspector will check the systems, appliances, and structure of your home thoroughly. This is a great opportunity for you to learn more about the home you will possibly be owning.
The next cost is your earnest money deposit. This doesn’t represent any additional money you have to come up with—it can be credited to your down payment. However, it is due up front, so make sure you have that sum prepared once your offer’s been accepted. The size of your earnest money deposit depends on the value of the home, but $1,500 is a good amount to expect to pay.
The first is the home inspection cost. Paying for a home inspection is money well spent. The cost of one can depend on the size of the house, but you can expect to pay around $400, give or take. During the inspection, a professional home inspector will check the systems, appliances, and structure of your home thoroughly. This is a great opportunity for you to learn more about the home you will possibly be owning.
The next cost is your earnest money deposit. This doesn’t represent any additional money you have to come up with—it can be credited to your down payment. However, it is due up front, so make sure you have that sum prepared once your offer’s been accepted. The size of your earnest money deposit depends on the value of the home, but $1,500 is a good amount to expect to pay.
Don’t forget about these costs when buying a home.
Finally, you have first-year surprise expenses. Within your first year of homeownership, there’s a very real likelihood you’ll have some surprise expenses pop up. This is why I recommend having an emergency fund in place just in case. Dave Ramsey—whom we’re endorsed by here in the greater Tacoma area—can serve as a great reference for how to set up an emergency fund and create financial stability in your life.
Additionally, while we’re on the topic of expenses, you should know that what’s even more expensive than any of these costs is paying your landlord’s mortgage. Locally, it’s more affordable to own a home than it is to rent one.
If you have any more questions about the unexpected costs of buying a home or you’re interested in buying a home in our area, don’t hesitate to reach out to us. We’d be happy to help set you on the path toward homeownership.
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