Hidden costs of buying a home

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There’s no denying it—buying a home is expensive. In fact, it’s likely the biggest single purchase you’ll ever make! That’s why it’s important to know exactly what you’re signing up for from a financial perspective. No surprises means no worries when it comes to your money.

To start with, there are all kinds of one-off fees to be aware of that come with buying a new home like legal fees, inspector fees, deed transfer tax, and more. Working with qualified experts (like a licensed REALTOR® or a financial expert like the ones at your local credit union) will help you fill in the blanks and prepare financially for what’s to come.

Once you have the keys, that’s where the regular expenses can really start to add up. Most people know they’ll be on the hook for monthly mortgage payments, but that’s really just the beginning. There’s property tax to consider, insurance—both homeowners’ and other types—utilities, maintenance, and a whole litany of other things that can really add up fast. Again, working with somebody who knows their stuff can help you get an accurate sense of your real budget.

    If you need a little help getting started, we’ve complied a helpful checklist to help you do just that. Download and print this checklist for future use.