GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
When people buy a house, they often focus on themortgage ratesand the big price tag.
But there are lots of other costs that can surprise new homeowners.
GOBankingRates did some digging to figure out all of these sneaky fees.
So, if youre about to buy a home, ensure to consult this list first.
Here are 12 of thesehidden expenses you should know about before you buy a house.
The amount depends on where your house is and how much you bought it for.
Closing Costs
When you finish buying a house, there are extra fees you have to pay.
These are called closing costs.
They include things like paying the bank for your loan and paying for insurance on the house.
Usually, closing costs are about 2% to 5% of the price of the house.
Homeowners Insurance
Just like you need insurance for a car, you need insurance for a house.
This protects you if something bad happens, like a fire or a storm.
The bank that gives you money to buy the house will probably make you get this insurance.
According to various estimates, HOA fees average $170 per month.
These fees can pay for things like taking care ofparks or swimming poolsin the neighborhood.
double-check you know exactly what they are before you buy a house.
Home Improvements and Repairs
Houses often need fixing up.
You might want to paint the walls or fix an old bathroom.
Its a good idea to savesome extra moneyfor these kinds of projects.
Its not required, but it can be helpful.
This is to protect the bank in case you cant pay your loan.
Private mortgage insuranceis required if your down payment is less than 20%.
The insurance is tacked onto your mortgage.
If you hire movers, this can cost quite a bit of money.
Sometimes you have to pay fees to start these services.
Outdoor Maintenance
If your new house has a yard, youll need to take care of it.
This might mean buying a lawnmower or paying someone to mow the lawn for you.
Emergency Fund
Its always a good idea to have some extra money saved up for unexpected problems.
Houses can sometimes have surprise issues that need to be fixed right away.
According to most money experts, afully funded emergency fundshould be able to cover 3-6 months of expenses.
More From GOBankingRates
Share This Article:
