What are the costs to buy a house?
There is a myth that all you need is a down payment. There are some other costs when purchasing a home and I want to be sure you understand them all. Just because you're able to get a home for zero down does not mean you can purchase a home with zero money.
There are some other expenses a buyer needs to be aware of. When you write an offer, typically an earnest money is needed. The standard is one to two percent of the sales price but it is negotiable. It is highly recommended to get an inspection done on the home before you purchase it. This is a cost to the buyer. There is also closing costs - title, escrow, document preparation fees, notary fees, tax and interest proration, escrow fees, homeowners insurance premiums, and mortgage commission. In addition to expenses, you will want to have some savings. Moving can cost a little bit of money, even if you gather all your friends and family to help you.
Being a homeowner comes with more responsibilities. You never know when you might spring a leak. This is now your responsibility - there's no more landlords. Maybe you need to do some home improvements. It is always best to have an emergency fund as well. If you would like a breakdown of the cost to buy a house, send me a message or leave me a comment below. I will get right back to you. Thank you so much for watching and I will see you next time!