8 Costs to Remember When Buying a Home

Image realtor.com

What does it really cost to own a home? This realtor.com article and video share the 8 important costs to remember when purchasing a home.

1. Down Payment. Read more in our previous month’s blog post.

2. Closing Costs. Read more in our previous month’s blog post about Buyer closing costs.

3. Inspections (at least consider the general home inspection, which is typically $400-$500, but you may also need to get a septic inspection, well inspection, etc.)

4. Mortgage insurance. Read more about if you will need this insurance in our previous blog post.

5. Property Taxes. If you purchase a home in the Oxford city limits, you will have to pay both city and county taxes.

6. Home insurance. (flood insurance, etc.)

7. HOA

8. Maintenance (Many professionals estimate to expect about 1% of the purchase price of your home per year.)

Owning a home is expensive, but so is renting. Many feel that owning a home is a better way, in the long run, to build wealth.