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Putting down roots and building equity can provide stability and help build long-termwealth.
However, it will all come at a big cost.
Here are five hidden costs of building a home you probably havent budgeted for.
Also seethree rooms to add to your home to improve its resale value.
Land and Site Preparation
Before you even start building, youll need to purchase land.
According toLandSearch, the average price per acre in the U.S. is over $18,000.
As Bauwise noted, its important to add in delivery fees for the building materials as well.
Depending on the location of the land, these fees could be substantial.
Permits
Generally, building a home requires obtaining permits and approvals from your local government.
Depending on your location, these usually include environmental permits, zoning permits and building permits.
This way, it’s possible for you to carefully incorporate closing costs into your home-building budget.
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