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Home Buying Budget: Additional Fees Other Than Your Down Payment
So, you're in the market to buy one of our Beavercreek homes for sale. Buying a house can be an exciting time—especially if you've found your dream home. However, before you start making plans for arranging furniture and hosting the holidays, there are things like budgets we need to discuss.
At Wright-Patt Realty, Inc., our REALTORS® in Beavercreek are always excited to help a buyer purchase a new home. We are here to help you budget for the costs of buying a house with these tips.
The Complete Mortgage Payment
Many times homeowners think a mortgage payment is the same as paying rent. Don't assume your mortgage payment covers just the loan's principal. When calculating your monthly payments, you should include:
- The principle
- Associated interest
- Property taxes
- Homeowners insurance, if stipulated in your mortgage loan
If you need help estimating your mortgage, online calculator tools are available.
Cost of Inspections
Inspections are tempting to ignore, but we recommend you budget for at least one (ideally two or more) professional inspection of the home. It is worth the cost for the opportunity to catch any structural issues or complications before you sign on the dotted line.
Additional Closing Costs
Many costs fall under the umbrella term "closing costs," and are not directly to your home's equity—meaning they're outside the cost of the home itself. These fees include lender and third-party fees, prep fees, and title insurance. As an estimate, you should be prepared to pay up to 5% of the total home's value in closing costs, as many of these fees adjust according to the cost of the home and "value" of the transaction as a whole. Closing costs can be less expensive (sometimes 2% or less), but it's better to be prepared.
Moving Costs
While they may feel like it at first, moving costs aren't negligible. You should contact multiple certified moving companies for quotes, and be sure to pay attention to their local reviews and reputation. Once you've found the right one, budget for the full price of the movers, plus your usual moving expenses including boxes, tools, tape, and the cost of gas to make your move.
Enabling Utilities in Your New Beavercreek Home
It would be silly to move into your home having forgotten that it needs power, water, and the internet. Be sure you include these in your budget. Contact the local utility companies to get a better understanding of the charges for enabling and using these services.
Ready to begin your search for the right Beavercreek home? Contact Wright-Patt Realty to get started! Our local agents can help you through the entire process, from home showings to closing day.