Buying a Home - Extra Expenses to Prepare For
The first thing that comes to mind when you're buying a home regarding expense is the down payment and monthly mortgage cost.
There are, however, quite a few things that can catch you off-guard and may find yourself unprepared.
12 Additional Expenses
Exciting, isn't it? The prospect of buying a home, possibly your first? Make sure you're prepared for these additional expenses:
Earnest Money: The amount can vary. The most common amount is $500, but sometimes a seller requires $1000. A cash transaction, especially on a foreclosure is typically 10% of the sale price. Although earnest money is not "required" in a real estate transaction, almost every seller will command that it be included.
Appraisals: The average cost of an appraisal is $450, might be more, might be less. A buyer should inform their lender to hold off on ordering the appraisal until after the home inspections are completed and satisfactory. There i... read full post