By Kim Buish
HOUSTON, TX. – Buying a Houston Texas home is an exciting and life changing experience especially if you’ve been renting for a long time but even though you may think that all of your home buying costs involve your down payment, and how much you’re going to pay for your mortgage over the course of 15 or 30 years, the reality is that you will have additional home buying costs that many people are not ready for.
In this post I will cover some of the unexpected home buying costs so you will be more prepared when it comes time for you to buy a home in Houston Texas or elsewhere in the area.
#1 – Home Inspections
Once your offer on a Houston Texas Home is accepted the first step is to have all home inspections completed including a general inspection and termite inspection.
Inspections are important even if you’re buying a new home because not every builder uses the same finishes and it’s important for you to know what to expect from a home before you move in there.
Home inspections can between $800 to $1,000 so it’s best to do your research and connect with an experienced home inspector before you put an offer on a home.
#2 – Closing Costs
Another common unexpected cost that’s associated with buying a Houston Texas Home that many buyers are unprepared to pay is closing costs.
Closing costs can total up to 5% of the homes purchase price so if you’re buying home that costs roughly $200,000 you could potentially pay closing costs that total $10,000.
#3 – Ongoing Costs
Besides closing and inspection costs some of the other unexpected costs that many buyers are not prepared to pay especially when they own a home are ongoing homeownership costs including: property taxes, homeowner’s insurance, private mortgage insurance and home maintenance costs.
All of these costs can add up to hundreds or even thousands of dollars per year so it’s best to write your budget down now before you start house hunting just to make sure that you can really afford the long term costs of buying a Houston Texas Home.
Buy a Houston Texas Home
To learn more about the long term costs of owning a Houston Texas Home, or to view homes for sale in Houston, contact me, Kim Buish, Realtor® with Red Door Realty and Associates by clicking here to connect with me online or by calling me at (713) 819-1642.