Home Buying Hidden Costs
Hidden & Unexpected Cost for Homebuyers
not knowing, understanding, and preparing
for all the costs they will incur as part of the home buying process. There are often home buying hidden costs that are sometimes unexpected.
Today we are going to talk about being prepared for the ”hidden costs” at closing and settling in to your new home. A mistake home buyers make is not knowing, understanding and preparing for all the costs they will incur as part of the home buying process.
This video is intended to present some of the most common costs and advise you to be prepared. You don’t want to have unexpected expenses that you haven’t budgeted for.
There are two types of initial costs involved in buying a home. Upfront costs and settling-in costs — many of these are often overlooked and get buyers in trouble at the last minute. You’ll likely be responsible for a variety of fees and expenses that you will have to pay at the time of closing.
You “must make sure” your lender provides you with a good-faith estimate of all settlement costs.
The lender will want not just your down payment, but also other bank charges that maybe included at closing:
Next comes the title company. They will also have fees due at closing.
But there is a whole category of extra expenses that might occur as you move in. We call these “settling-in costs“. You will need to have money to cover these expenses. These include:
Some of these expenses you may expect, but a lot of these crop up when you least expect them.