Feb 01

Items Buyers Need to Add to Their Budgets

Items Buyers Need to Add to Their Budgets

Items Buyers Need to Add to Their Budgets

Items Buyers Need to Add to Their Budgets

Buying a home is much more than just paying a mortgage bill. Once you factor in association fees, property taxes, utility bills, and home maintenance, owners are often facing a much steeper price that is hundreds of dollars more.

Help your buyers get an accurate estimate of how much ownership will truly cost them. Here are a few of the common expenses they’ll want to add to their budget, along with estimations of costs (note: costs can vary dramatically from region to region; prices listed are based on national averages):

  1. Closing costs: Add in an estimated 2% to 5% of home price.
  2. Homeowners insurance: Add $1,100-plus per year.
  3. Homeowners association fees: Add $10 to $575 per month.
  4. Property taxes: Add $1,000-plus per $100,000 per year.
  5. Home maintenance and repairs: Add several hundred to several thousand dollars.
  6. Home furnishings: Add several hundred to several thousand dollars.
  7. Lawn care and outdoor maintenance: Add $100 to $200 per month.
  8. Utility bills: Add $180-plus per month.

Source: “From Closing Costs to Association Dues: The True Price Tag of a New Home,” AOL Real Estate (Jan. 25, 2017)

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