The Primeros Compradores Blog

We aim to provide helpful information and advice for those who are navigating the home buying process for the first time.

Costs and Considerations of Homeownership

Feb 07, 2023

When Purchasing A House, The Costs and Considerations You Should Budget For:

  1. Down Payment: The down payment is a percentage of the purchase price that you pay in advance, usually ranging from 3% to 20% of the cost of the property.
  2. Closing Costs: Closing costs are rates and expenses associated with purchasing a property like appraisal fees, legal fees, and title insurance. These fees can add up to several thousands of dollars so it’s important to keep this in mind while financial planning.
  3. Mortgage Payments: The mortgage payment consists of both principal and interest and is a major monthly expense. You can use a mortgage calculator to get an estimate of your monthly payments based upon the purchase price of the home, down payment, loan term, and interest rate.
  4. Property Taxes: Property taxes are calculated on the assessed worth of your property and can vary depending on your area of residence. You can check with your local government office to get an estimate of your property tax bill.
  5. Homeowners Insurance: Homeowners insurance is often required by the majority of mortgage lenders. It is very important because this protects you against any damage or loss to your property. The cost of home insurance can vary so it is best to get quotes from several insurance providers.
  6. Maintenance and Repairs: This one can be easy to forget to budget for - make sure to include routine maintenance and repairs, as well as unexpected expenses like flooding, etc in your monthly budget.

It is very important to be realistic about your budget and to only purchase a property that you can afford.


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