Home Buying Expenses

home buying expense 2

Purchasing a home is an exciting time! If you are planning to buy a home, we’d love to help! When determining how much of a down payment you can afford, don’t overlook these home buying expenses that sometimes are forgotten. Visit the HGTV.com website to view the article in its entirety.

  1. Appraisal Fee:  This fee is paid as part of the loan approval process.  The fee typically runs anywhere between $200 and $1,000.
  2. Home Inspection:  Your lender will provide you with a good faith estimate of how much the inspection will cost (usually between $300-$800 for your average home), but you may not know the actual dollar amount you need to bring to closing until a day or two before.  If the home needs to be inspected for mold, termites, or if a structural engineer needs to look at the home, the cost could go up.
  3. Homeowner’s Association Fees:  Some subdivisions charge an annual or monthly fee the upkeep of common areas.  Plan for these costs accordingly in your budget.
  4. Repairs, Upgrades and Renovations:  Don’t forget to budget for anything that needs to be done to your home to make it move-in ready.
  5. Fees for rental vans and boxes.
  6. Termination Fees:  Check things such as your internet and cell phone contracts to see if any fees will be charged when you cancel your current services.
  7. Appliances: If you are purchasing a new construction home, they usually don’t include appliances such as refrigerators, washers or dryers.  If you are purchasing a home that is not new, sometimes you can negotiate with the sellers to leave their appliances behind.  If so, you may still need to purchase some appliances, especially if you are trying to keep a uniform look (ie:  all appliances in the kitchen stainless steel, etc.)
  8. Household Items:  If you are moving to a larger space, don’t forget the day-to-day items you may need more of, such as trash cans and lamps.  If purchasing new construction, you may also need to buy things such as towel bars and bathroom mirrors.
  9. Lawn Care Equipment:  If you haven’t had to take care of a yard, don’t forget that in your new home you  may be responsible for mowing, raking, etc.  Plan in your budget for the purchase lawn tools if that is the case.

As I said, if you are planning to buy a home, we’d love to help you find the perfect one!  Contact us to set up a showing.  You can reach us by phone at 973-637-0004 or via email at Shannon@ShannonAronson.com.  To search homes for sale, or for great real estate information, please be sure to visit my website at www.NJRealEstateDirect.com.