5 costs that surprise first time homebuyers

by Property Management Software on July 15, 2015

Tips for homebuyers

Tips for homebuyers

If you’re considering becoming a homeowner, even years from now, recognize that there’s a lot more to purchasing a house than saving enough money for a down payment. Additional expenses come up throughout the home-buying process. Some of these are upfront, out-of-pocket costs that are nonrefundable even if you end up not closing the deal. Others will hit your wallet after the home is in your possession. Experienced buyers probably are familiar with these charges, but first-time buyers can be caught off-guard.

Knowing how much you need on top of your down payment will help you plan how long you must save. Remember, it could take years. Talk with a potential lender about six to 12 months before your desired purchase date. “The lender should be able to help you outline what you need to be doing within that time frame to get your finances in check,” says Mike Aubrey, a Gaithersburg, Md.-based Realtor, who’s also the host of HGTV’s “Power Broker.”

We’ve identified five costs that can catch first-time home buyers by surprise and gathered expert advice on how to prepare your finances.

Best strategy to avoid surprises CLICK HERE

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