Thinking about what it costs to buy a home, most first-timers will only consider their down payment. With flexible loan products on the market, there are options for very little money down. However, there are additional costs to get the deal done. Let’s review some common costs that go into purchasing your home.
Depending on qualifications, some buyers can qualify for a 0% down payment or find down payment assistance in their state, county or city. But for those who do not have these options, it’s advised to save more than you think you will need. If you live in a competitive area like, Miami or Fort Lauderdale, a substantial down payment shows the weight of your intention to purchase.
In addition to the down payment, professional fees need consideration. For example, you will need to pay realtor, inspector, and attorney/settlement costs. Typically, your realtor fees will be added to your final closing cost amount. Having a good team behind you will make your transaction more enjoyable.
These monthly expenses include things like:
- Property Taxes
- HOA (Home Owners Association)
- and general maintenance
When we quote monthly fees to our buyers, we give them the whole picture to avoid surprises. Remember, work with a team who has your best interests in mind who will share what you will need to have in reserves to move forward.