Costs Associated With Home Buying

First-time home buyers might not be aware of additional costs associated with the closing process, so here is a list of costs you should be prepared for:

Your down payment. If your down payment is less than 20%, you will also more than likely have to pay for private mortgage insurance.
Moving expenses. The cost will depend on how far you are moving and how much you have to move.
A home inspection. Your lender will require you to order and pay for this. § Property taxes. You’ll have to pay them annually.
Homeowner’s insurance and title insurance. § Maintenance costs. If you were a renter, your landlord paid for maintenance, but now the responsibility is yours.
A home warranty. This is insurance you can get that covers repairs and replacement due to normal wear and tear.
Utility bills. Monthly charges for gas, water, electricity, telephone, cable, and internet.

By considering these expenses and budgeting for them, you are less likely to be caught off guard.