Some Highlights: Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available! Housing
8 Items Buyers Need To Add To Their Budgets
DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 31, 2017
Buying a home is much more than just paying a mortgage bill. Once you factor in association fees, property taxes, utility bills, and home maintenance, owners are often facing a much steeper price that is hundreds of dollars more.
Help your buyers get an accurate estimate of how much ownership will truly cost them. Here are a few of the common expenses they’ll want to add to their budget, along with estimations of costs (note: costs can vary dramatically from region to region; prices listed are based on national averages):
Closing costs: Add in an estimated 2% to 5% of home price.
Homeowners insurance: Add $1,100-plus per year.
Homeowners association fees: Add $10 to $575 per month.
Property taxes: Add $1,000-plus per $100,000 per year.
Home maintenance and repairs: Add several hundred to several thousand dollars.
Home furnishings: Add several hundred to several thousand dollars.
Lawn care and outdoor maintenance: Add $100 to $200 per month.
Utility bills: Add $180-plus per month.
Source: “From Closing Costs to Association Dues: The True Price Tag of a New Home,” AOL Real Estate (Jan. 25, 2017)
Raul Acuña - Raul has been in the Real Estate Industry since 2005. Raul began working at an REO brokerage before opening his own REO company in 2010. Raul has a business degree from Cal Poly Pomona, ....
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