Hidden costs associated with buying a home

What to think about as you set a budget for your new home.
Buying a home can help you gain more flexibility in pursuing your longterm financial goals—as long as you’re not straining your budget. Having a clear view of the true costs of owning a home—beyond just your monthly mortgage payment—will allow you to understand how the purchase impacts your budget. Then, you can save accordingly to set yourself up for long-term success and enjoy your home.
 
Here are where the most-common surprise costs hide:
 
 
Buying a home will always come with a certain amount of financial risk, but if you’re prepared for the hidden costs of buying a house, your purchase and ownership experience will be on a strong foundation. A little research and budgeting, combined with personalized numbers from a tool like TIAA’s home affordability calculator, can help you make an offer with more confidence—so you can enjoy the lifestyle and sense of accomplishment that owning a home provides.
Sources:
1 “What Are Closing Costs and How Much Are They?” Zillow, 2019
2 Consumer Affairs, 2019. Figure represents the average cost for a long-distance move of a 3-bedroom house.
3 Insurance.com, March 2018. Assumes a $200,000 dwelling with $1,000 deductible and $100,000 liability coverage.
4 “How Much Does It Cost To Seed A Lawn,” Homeadvisor.com, July, 2019
5 “Nearly 10K a Year: Taxes, Insurance, Other Homeowner Costs,” Zillow, August 2018
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