Expenses Buyers Often Forget About When Buying a House

Buying a house is one of the biggest purchases you will make in your lifetime and a lot goes into the planning and finances of purchasing a home, especially if it is your first home.

Sometimes in all the excitement of buying a home, we forget that there are a lot more fees involved than just the actual price of the home. Here are some expenses that buyers sometimes forget about when it comes to signing on the dotted line.

Property or Land Transfer Tax

Depending on your city, there is a property or land transfer tax that new homeowners often forget or don’t know about. Depending on the city, there are home-buyer incentives that can offset the land transfer tax.

Insurance

Insurance is necessary for homeowners, whether it is your first, second, or third home. Insurance protects you against damages that may happen – from fire, to flooding, or natural disasters. There are different insurances to purchase; therefore, it is important to either speak with an advisor or your realtor to determine which and what kind of insurance to purchase.

Home Inspections / Repairs

Sometimes when you are looking at buying a home, the seller will have had a pre-inspection done; however, it is highly recommended that before you decide to buy the house you yourself hire someone to have another home inspection. Doing this means that you can make sure that nothing was missed from the previous inspection or if there was something overlooked, you can bring it to the attention of the homeowner.

Repairs that come from home inspections can also be costly, but the last thing you want is to be caught off guard after having just bought the home of your dream.

Remember that when you are in the market to buying a home, it is not just the price on the sign you are paying. There are many other fees involved that can impact your budget. Not sure what your budget is? Consult with a financial advisor and start the journey to your affordable dream home.

Whether you’re looking to buy or sell in the Kamloops area, for a greater probability of success you need a dedicated professional. I can guide you through the process and be counted on to protect your investment!

Categorised in: Buyers, Kamloops, Real Estate

This post was written by kamloopshomesearchcom