If you’re in the process of saving for a home, congratulations—you’re taking a big step toward an exciting goal! But before you dive in, it’s important to know what expenses to plan for beyond just the purchase price. Here are a few key things to include in your budget:
- Down Payment: This is the upfront amount you pay toward the cost of your home. Depending on your loan type, this could be anywhere from 3% to 20% of the purchase price.
- Closing Costs: These are fees associated with finalizing your mortgage, like appraisal fees, title insurance, and lender fees. They typically range from 2% to 5% of the loan amount.
- Property Taxes: Don’t forget to factor in ongoing property taxes, which can vary depending on where you’re buying.
- Homeowners Insurance: This protects your investment and is usually required by your lender.
- Maintenance and Repairs: Owning a home means being prepared for regular upkeep and unexpected repairs. It’s a good idea to set aside a monthly amount for this.
- Moving Costs: Don’t overlook the expenses of packing, hiring movers, or setting up utilities in your new home.
And if you’re not familiar with some of these terms, don’t worry. I’ll help you navigate all the details—so you’re not just prepared, but confident when it’s time to make your move.
With my help and a trusted lender by your side, we’ll make sure you’re planning ahead and setting yourself up for success. Let’s work together to turn your dream of homeownership into a reality!
