Best to Know All Costs Before Buying a Home
Michael Joyce, Agili President
In this interview with NBC12, Michael Joyce reminds new homebuyers that it’s important to consider all of the fees that go into buying a home.
Unexpected Costs At Closing
In addition to closing costs, it’s imperative that new homebuyers don’t forget to factor in the following costs to a home’s purchase price:
- Mortgage insurance
- Title insurance
- Homeowner’s insurance
Ongoing Costs After Buying a Home
These days, higher property taxes should be accounted for when home-buying. Michael reminds us, “With property values going up, assessments are going up – which means homebuyers will pay more over time.”
Also, it’s important to remember to add ongoing home maintenance to your budget: “We recommend having a certain percentage of the home value that’s dedicated towards home maintenance every year because things wear out, you’re going to have to upgrade things over time.”
For more from Agili on the topic or real estate, check out Michael’s summer interview with NBC12, Real Estate Market: Renting vs. Buying.