Hidden Costs While Buying Or Owning A New Home That You Need To Be Aware Of

 Home buying can become more expensive than what you expect it to be, especially if you are not aware of many hidden charges involved in the process. These hidden costs can actually add up to about 10% of the total cost of your property. If you do not budget for these expenses in advance, then for the first couple of years, you will have a tough time handling your other daily or monthly expenses.

You might have saved enough amount of money for the down-payment, and have calculated the mortgage amount that you need. At the same time, you must also be prepared to pay all the hidden costs that you will incur while buying a property.

Hidden Costs of Purchasing a Home

Home Inspection Fee - You could avoid spending a lot of money on repairs and replacement expenses, by hiring professionals to conduct home inspection. They will dig out all the underlying issues in your home, which you would not have known without a thorough inspection. That will help you in deciding if you are really getting a good deal, or not.

Lawyer's Fee - This fee can vary, depending on the purchase price of your home. If you choose to hire the same legal representative as the seller, then you could get good discounts on legal costs.

Stamp duty - This can add as much as 7% of the total cost of your home.

Home Insurance - Home coverage protects your property against unforeseen incidents like flooding, fire, etc. You will need to consult a good insurance agent to get the best policy.

Appraisal fee - A few of the lenders demand an appraisal on the home that you are willing to purchase.

Utility and Maintenance Costs - You also need to budget for electricity, cooling and heating, and other expenditures on a monthly basis. If you are buying a condo, then you need to also need to arrange for the monthly maintenance fees.

Moving Costs - You could either take some time out to pack and move all the belonging yourself, or hire any Packers and Movers Chennai to agartala to do the job more efficiently. A moving company usually charges you depending on the size of your home, and the distance to be covered between the old and the new residence. Hiring professionals will turn out to be a reasonable option, and is less tiring.

Redecorating - Ideally, most of the new homes do not need any work to be done. However, a few might need some minor building works or redecoration. Doing it yourself may sound cost effective, but if you are not skilled, then you'll end up spending more than expected.

Sale Closing costs - Lastly, you will need to have enough funds for the closing costs, which add up to 2% - 5% of the total price of your home.

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