The Hidden Costs of Buying a Home
AuthorKelsey Heath. Date:
Most buyers usually budget for items like finance fees and inspections, but most are surprised by the hidden costs of buying a home that can add up to thousands. The hidden expenses don’t end on closing day but continue on with each year. For example, in Hawaii, hidden costs of homeownership add up $29,015 annually, while those in West Virginia average a more modest, though still hefty, $12,579. Geography, climate, local taxes, and even the age of your new home can all turn a budget-friendly dream into a costlier-than-expected reality. This guide aims to explain everything clearly: the upfront costs no one talks about, the annual bills that add up fast, and the regional quirks that can tilt your finances. Closing Costs and Pre-Purchase Fees Closing costs and pre-purchase fees can quickly eat into a carefully saved down payment. While these expenses vary depending on location, loan type, and lender, … Continued
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