Closing Costs: These can range from 2% to 5% of your home's purchase price and include fees for loan processing, title insurance, surveys, and more.
Home Inspection and Appraisal Fees: Before finalizing the purchase, you'll need a home inspection to identify any potential issues with the property.
Property Taxes: Property taxes can vary significantly depending on your location and can change over time.
Maintenance and Repairs: Unlike renting, you'll be responsible for all maintenance and repairs as a homeowner. Setting aside funds for unexpected issues, like a broken appliance or roof repairs, is essential.
Utilities and Services: The cost of electricity, water, gas, internet, and garbage collection can add up and should be factored into your monthly budget.
Furniture and Decor: Furnishing a new home can be costly, especially if moving from a smaller space.
Landscaping and Outdoor Maintenance: If your new home has a yard, consider the costs of landscaping and ongoing maintenance, including tools and equipment like a lawnmower, hose, and gardening supplies.