HIDDEN COSTS OF HOMEBUYING

June 5, 2022

44% OF HOMEBUYERS report they weren’t aware of all the costs associated with buying a home.
Top expenses that new homebuyers sometimes forget to factor in:


CLOSING COSTS
These range between 2% to 5% of the loan amount.
The national average is about $6,000.
$800 to $2,150. (That’s for a two-person moving team completing a local move of less than 100 miles. The average cost of a long-distance move: between $2,200 and $5,700.)


HOME INSPECTIONS
These typically run from $300 to upward of $600 depending on the location and size of the home.


TITLE INSURANCE
The average cost of title insurance is around $1,000 per policy, but that
amount varies widely from state to state and depends on the price of your home.


POTENTIAL RENOVATIONS
A 2017 survey found that new homeowners spent an average of $10,601 on furniture, appliances, and home repairs — in the first year.


MOVING COSTS
The national average cost of moving is about $1,400 with a range from


SOURCES: realtor.com, Forbes, National Association of Homebuilders

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