Are you planning to buy a house for you for which you were dreaming for a long time? Don’t take the decision of buying a house lightly as it costs you a lot. If you want your house to be a profitable asset, then you need to know about some of the hidden costs that may surprise you if you don’t have proper knowledge about. When it comes down buying a house, the process doesn’t end with down payments and monthly EMIs. We buy a home for getting a sense of security and freedom.
While buying a house, you don’t only need to pay the actual cost of the house but the taxes come along with it. First of all, you will need to pay for document preparation. The lawyer will also charge you for the documents he will be responsible for. Government filing fees, escrow fees, notary fees and other expenses associated with transferring the house to you. Depending on the state you live in, when you buy a property, you need to spend money on for some legal documentation and processes.
You should not see only the outer appearance of the house but you need to check the house before buying it as the home seller may have tried to make you fool by using plaster on the terrace to prevent leaking, by killing pests for a period of time. Parking space is also needed in a house as it is a vital element. Though this additional expense is not hidden cost any more, many people still assume their property comes with free parking.
At the time of home inspection, you should see every corner of the house properly. If you don’t give attention to the cracks in the walls of the house you are buying, then you would get a big surprise after you start living in the house because you won’t be prepared for the repair and maintenance costs.
Location of the house
You don’t want to live in a house surrounded by a lot of traffic and neighborhood which might be a nightmare for you. You don’t want an unpleasant location when you open your window or when you go on your terrace. If you want to get a profitable house, then it should be according to your choice. If you have small kids, then you need to know if there are good schools near your house otherwise, your kids would have to face the problem.
The builder may ask you to pay a deposit for a specific period of time in advance. This can be for a year, or six months from the time the home will be ready. Depending on the location of your house and the costs of services offered, the fees or deposit may vary.
As you have known about five main hidden costs you may face when buying a house, you should pay more attention while buying a dream house for you.