Here are a few things to keep in mind when starting to budget for a home purchase:
•Before moving day: Down payment, legal fees, deposits to builders ( if valid), real estate fees ( if valid), closing costs, land transfer taxes ( if valid), home inspection, up front mortgage costs- appraisal fees, default insurance premiums; not included in mortgage payments. Moving expenses/storage expenses, other expenses.
•Once you are moved in: Hook up costs (cable, satellite, phone, and internet), basic furniture/ appliances/ window coverings, other expenses.
•On- going expenses: mortgage payments, mortgage loan (default) insurance, mortgage life insurance ( optional), home/property insurance, utilities:heat/electricity/ water sewer, telephone/internet, cable/ satellite, property taxes ( if not included in mortgage payments), school taxes, maintenance
Remember, taking the time to really do your research and properly budgeting for a home purchase can really make the difference and can save you the headache of having to deal with fees you didnt take into account. It is always better to be prepared!
Please feel to contact one of our knowledgeable brokers and agents if you have any other questions regarding budgeting, mortgages and home purchases. More mortgage related information and details can also be found on our website.