First-time homebuyers know they must prepare for a down payment. However, that’s not the only cost to consider. Home-buying expenses can add up fast and usually startlingly. Therefore, you should know them and prepare for them before you sign. Here are some unexpected costs you should consider if you are buying your first house in Miami.
Home inspection and appraisal fees
When you’re finding a place to live in Miami and buying a house, you usually need to inspect and appraise it. You want to be sure you’re not buying a run-down property or paying more. Also, you may have to inspect the house for mold and other things. As the buyer, you’ll be required to bear the cost of these.
Unexpected costs you should consider if you are buying your first house – Lawyer’s expenses
Lawyer’s expenses are one of the most expensive costs you’ll face when closing on your first home. A lawyer facilitates the transaction between you, the bank, and the seller on your closing date. Expect to pay approximately $1500 for lawyer services.
Property taxes
When you become a homeowner, you must pay property taxes. These taxes are based upon the current use and the value of the land. The amount you’ll have to pay depends on your province’s regulations. Property taxes can be unexpected, therefore research them before buying your first house.
Unexpected costs you should consider if you are buying your first house – Insurance
When you’re buying your first house with a mortgage, your lender will want you to purchase home insurance before closing on the loan. So, remember to budget for this cost. Consider using money-saving insurance tips for the first-time home buyers. Also, work with an insurance agent to get the best rates on your insurance needs.
Moving costs
If you are moving your belongings from a current home to the new house in Miami, then you may have to hire movers. The moving costs depend on the total weight of your items and the moving distance. These costs can be high, so prepare your budget well in advance of your move.
Repair and maintenance
As you probably know, maintenance is a part of living in a house. So, when you move into your first house, learn how much you should save for home repairs because you can’t escape it. Even if you do some minor repairs by yourself, you may still have to hire a contractor to do the more serious fixes. Also, if you discovered anything during your home inspection that needs to be fixed immediately, budget for it.
Unexpected costs you should consider if you are buying your first house – Utility bills
Prepare yourself for big utility bills after buying your first house. Water, electricity, gas, and trash costs are usually higher in a house than in an apartment because of its larger size.
Buying your first house is a great time in life. But, make sure you’re ready for the costs of buying a home by budgeting for your household costs in advance.