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Unexpected Costs for First-Time Homebuyers

Some first-time buyers are surprised by the full cost of homeownership.

To prepare your budget, consider these extra costs:

Closing costs typically total 2 – 5 percent of the purchase price and are in addition to down payments.

Homeowners insurance costs an average of around $1,000 a year, but prices vary. If in a flood or earthquake zone, youll need extra hazard insurance.

Property taxes could range from hundreds of dollars to thousands a year, and they often fluctuate.

All home maintenance becomes your responsibility, so save money for normal upkeep and emergency repairs.

Youll also need to pay for all utilities. If moving from a smaller apartment, expect the larger home to have higher bills.

Nevertheless, the pride of homeownership is priceless.

Published with permission from RISMedia.

About Debbie Kirkland

Realtor Since 2002. Top 5% In Tallahassee, Florida. Member, 2012 President, Tallahassee Board of Realtors I love sharing information and photographs of the Tallahassee, FL area. I'm a native and know the area well and love finding homes for people in the area as well as being a resource by sharing what I love about my hometown! I want your real estate referrals as well ~ So check out my website, get to know Tallahassee or SEARCH for area homes, and contact me soon!

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