In addition to your down payment, here are a few additional costs to consider:
- Professional home inspection cost is between $300 – $800. Other specific inspections may be required for your loan type. Ex: Mold, pest and structural.
- Appraisal cost is between $300 – $1000. This may need to be paid before you close.
- Homeowners association fees. If your new home is in a subdivision or if it’s a condo you may be required to pay for maintenance of your common areas annually or monthly.
- Moving van rental fees and boxes. You can get boxes from restaurants or grocery stores for free.
- Termination fees for your current service providers. Re-read your contract with your internet and cell phone provider, they could have termination fees.
- Appliances. Make sure your purchase agreement includes all of your appliances; if not you, you may need to buy them. DO NOT BUY WITH CREDIT BEFORE YOU CLOSE!
- Lawn equipment. If you have a yard now, you will need to keep it nice!
- Household items. You may think you can make due without these items, but trust us, buy them now. If you don’t, how much do you want to bet you’ll be running to the closest store after the first night? You will need trash cans and liners, lamps and light bulbs, shower rods and curtains and bathroom tissue.
- MOST IMPORTANTLY!!! DO NOT BUY ANYTHING FOR YOUR NEW HOME ON A CREDIT CARD! Wait until AFTER you close on your home to make any large purchases. Your lender will pull your credit again, right before you close. Any large balances will change how much of a home you can afford.
Do you have any home purchase advice you would like to share? Please do! I’m sure we all can benefit from experiences you have had.