Hidden Costs Of Home Buying

Hidden Costs Of Home Buying

HIDDEN COSTS OF HOMEBUYING

44% OF HOMEBUYERS report they weren’t aware of all the costs associated with buying a home. Top expenses that new homebuyers sometimes forget to factor in:

CLOSING COSTS

These range between 2% to 5% of the loan amount. The national average is about $6,000. $800 to $2,150. (That’s for a two-person moving team completing a local move of less than 100 miles. The average cost of a long-distance move: between $2,200 and $5,700.)

HOME INSPECTIONS

These typically run from $300 to upward of $600 depending on the location and size of the home.

TITLE INSURANCE

The average cost of title insurance is around $1,000 per policy, but that amount varies widely from state to state and depends on the price of your home.

POTENTIAL RENOVATIONS

A 2017 survey found that new homeowners spent an average of $10,601 on furniture, appliances, and home repairs — in the first year.

MOVING COSTS

The national average cost of moving is about $1,400 with a range from

SOURCES: realtor.com, Forbes, National Association of Homebuilders