What are the hidden costs of buying a home?
By Bob Millaway, South Jersey Community Expert & REALTOR®
Beyond the down payment and closing costs, budget for moving expenses, immediate repairs or upgrades, new furniture, lawn equipment, utility deposits, homeowner's insurance, property taxes, and HOA fees if applicable. A good rule is to set aside 1 to 2 percent of the home's value annually for maintenance. These costs add up quickly in the first year.
Why It Matters
First-time buyers often stretch their budget for the purchase price without accounting for ongoing costs. Planning ahead prevents financial stress after moving in.
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