Additional costs associated with buying a home

Posted on February 26, 2016 by admin | 0

Buying a home is a complicated process. Before purchasing home you may estimate property and mortgage cost but still there are many other hidden costs associated with it that you don’t expect.

Following additional costs that need to be considered before buying a home:

 Buying cost includes property tax, appraisal fees, home inspection fee and commission of real estate agent which should be considered while estimating buying cost for your dream home.

 Legal fees that is paid for legal transaction of property such as Conveyancing fee, title searching fee, registering fee and other legal documentation fees. Take help of your real estate agent to know about it accurately and properly.

 Cost of property survey tax and service tax are also included in total cost of purchasing a home. Take a note of all the tax paid during the buying process which could be helpful in future buying.

 Consider insurance cost of Lenders Mortgage Insurance, building insurance, home owner insurance, contents insurance and Mortgage Protection Insurance.

 Packing, storing and transportation cost when moving into a new home should also be calculated and considered while buying a new home.

 Maintenance and renovation cost plays an important role in new house and should be considered while estimating budget for a new house.

 Utility expenses matters a lot while calculating the expenses for home. Include utility expenses for setting electricity, telephone, water and other must haves in your budget.

 Maintenance and repair cost is also consider under the buying cost of your dream home.

 If appliances are not included in agreement then you need to buy new appliances, so add the cost of new appliances in your budget. Since these are considered as very basic part but plays an important share in budget estimation.

Buying a home can be a stressful and a daunting situation when these additional costs are overlooked. Beyond the actual purchase price of home you need to be aware of these costs. Be prepared for these and estimate your budget accordingly. It will not only help in accurate budget but will also avoid financial hassles during purchase of a new home.

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