Real Estate Community Forum

Many first time home buyers such as myself are not aware of all of the expenses involved when purchasing real estate. I have been hearing from others to be prepared to spend 2 to 10 percent extra for the closing of a home. Does that sound correct? I just thought you need to pay for the home inspection and a down payment for the house. What other expenses whould I be aware of?

There are several hidden costs to buying a home. One of the first is having to pay for a lawyer. In addition there is the appraisal fee, title search on the home, mortgage insurance, and some people must pay for a termite inspection. Of course this all depends on where you live. Buying a home is one of the most important financial decisions you will ever make, which is why many people find it to be very stressful. My advice is to save as much money as possible before you start looking.