If you're getting ready to buy a new house or move into a new space to kick off the new year, you know that saving money is important. But how much should you be storing away for the transition? The truth is that there are some costs that you may be unaware of. We're going to give you some pointers and let you know what you should expect. Let's get started.
The unknown costs of moving
Regardless of whether you're moving to another state or just across town, there are some things that you'll have to pay for besides the cost of the home itself. Here are some examples of things to save for in the midst of your home-buying process:
- House inspections: This is an important part of buying any home as inspections will often be required. You can pay for radon testing, wood-destroying organism (WDO) inspection, mold inspection and foundation inspection. These things are important in order for you and your mortgage broker to understand whether or not you are making a good investment that is worth your money.
- Closing costs: When the time comes for you to close the sale, you can expect to pay for the transfer taxes or recording fees as well as pay the agent and mortgage broker.
- Title insurance: As with many of these "hidden fees" title insurance can vary greatly depending on the property you're purchasing. This is a "simple policy that could protect you from unknown property ownership risks that threaten your right to occupy and use your land", according to First Title Australia.
- Homeowners Insurance: You are mandated in most states to obtain homeowners insurance, and it is beneficial to have. This is because it covers the cost of repairing or replacing your belongings if something happens to the contents of your home or your property.
- Appraisal fee: Before buying the house, it may be worth it to have a professional appraiser come and make sure that the property is worth the amount of money that it costs.
Preparing for the big move
Keep in mind that you will also have to have money to hire moving trucks, cleaning companies and other professionals to help make the moving process go smoothly. Luckily, you can rely on your banker and real estate agent to help you determine these costs and which are necessary. You should feel comfortable asking any and all questions before diving into this journey.
Are you ready to find your next house or do you need advice on what to expect from the home buying process? Reach out to Ray White Surfers Paradise today to get started.