Buying a home is an exciting time, but it can also be costly. Fortunately, there are ways to prepare for these expenses by making a list and setting aside the necessary funds for your new home. This list also includes monthly expenditures you'll want to consider before buying your first home. It will help you create a budget that allows you to save for the costs of buying a home while keeping your budget in mind.
Down payments on a home are typically the first hurdle for someone looking to buy a house. A down payment can range anywhere from 3% to 20% of the total price of the home depending on which loan type you choose and how much you would like your monthly payments to be. A new homeowner will have to get used to the utility expenses that come with owning a property as well. You will need to think about the cost of electricity, water, trash, sewer, and gas in addition to other expenses you may incur such as HOA, internet, etc.
Homeowners typically incur costs for closing, which includes paying real estate agent commissions, title insurance premiums, and transfer taxes. Closing costs typically include 3-5% of the purchase price or more depending on the home's location. Make sure you keep these costs in mind before committing to buying a home so you know how much cash you need before closing on your new property and the total cost of the loan as well.
It is important to understand what you are buying in order to make an informed decision when it comes to maintenance and repairs that may have occurred during construction or neglect by previous owners as well. Most homes will require a bit of repairs before move in unless they are a new construction home. Some repairs that are common that may be needed when buying your first home could include but are not limited to, repainting, electrical outlets, landscaping repairs, updating lighting and more. Keep a detailed list in order of importance about what things should be looked at first and go from there. In addition, also remember to see what appliances you may need to purchase or repair.
Amerifund Corporations and the Allen Group will help you get your new home within budget with our home loan mortgage financing options. Mortgage rates are at an all-time low, so it's a great time to purchase a home, so let us walk you through the whole process. It's a simple process and we're here to help you every step of the way. Whether you are looking for an FHA loan, Fixed-Rate Loan, or even a Jumbo Loan, we've got you covered. Ask us how we can help you today by visiting our website or giving our seasoned and knowledgeable agents a call at (714) 500-5001.