You've dreamed of owning your own home for years, so it's no surprise that you're excited to finally buy one. But with excitement can also come anxiety over the costs involved in buying a home. How much will this all cost? Will I be able to afford it? What are the hidden fees that come with purchasing a house? We're here to help answer those questions and more! In this article, we'll discuss everything you need to know about the expenses associated with buying a home—and how they can impact your ability to purchase one.
Home Inspection Costs
You want to do everything you can to ensure that your home is in good shape. While a home inspection isn't required, it's strongly recommended. A quality inspector will look at the major components of your property and check for any issues with electrical wiring, plumbing, foundation and more that could potentially cause serious problems later on down the road.
Costs vary depending on what kind of services are included in an inspection report—but expect to pay around $350-450 for most basic inspections. For more extensive reports, which may include a wood destroying insect inspection, mold testing or radon gas measurements, expect to pay $500-$650+.
Moving expenses are another hurdle you'll want to be prepared for, so it's best to know how much they'll cost.
Moving companies typically charge based on the weight of your belongings and how far they have to travel. If you're moving within state lines, costs vary anywhere from $2 per pound up to $4 or $5 per pound. But if you're moving out of state or internationally, that number can climb steeply—to as much as $10 per pound!
And don't forget to consider storage fees. If you need storage space for anything during the interim period between selling your current home and buying a new one, be prepared to pay around $45 per month for every 100 pounds stored at most facilities (though some places offer discount rates). If this is necessary for any reason during your transition period, it's worth calling around ahead of time so that there aren't any unexpected surprises when it's time to move into your new place.
So maybe you want to limit the number of items moved from your previous home, new furniture may be a good trade off. Furniture can be a big expense when purchasing a home. If you want to buy new furniture, it can get expensive and overwhelming quickly. However, if you're willing to shop around and look at used furniture as well as discount stores, then you can save money on your new house.
It's important to remember that not all furniture is expensive. You don't need to buy pieces made of the highest quality materials or custom-made by an artisan in Italy; there's plenty of affordable options available for those who are willing to do some research and comparison shopping before making their purchases.
Appliances and Other Household Items
Appliances are one of the most important parts of a home. They can make or break your experience and routine, so it's important to choose appliances that fit your needs.
The appliances currently in the home you are purchasing will likely be included in purchase price. You can negotiate with the seller if they are not on the included items list if desired. However, the current appliances may not suit your needs or may be outdated and will need to be replaced sooner than later. Some people prefer to do their shopping online; others like going into physical stores and touching the products before buying them. Whichever option you choose take the time to research beforehand to avoid overspending and missing out on opportunities to own a better product.
When buying a home, it’s important to be prepared for the expenses that come with it. The costs can add up quickly, so do your research and make sure you have enough money saved up before making an offer on your dream home!