Picture this: You are ready to buy your first home and just found the perfect one! The neighborhood is great, the house is charming and the asking price is just right. Sounds perfect, right?
But if you are buying your first home, you should know that the asking price is just the beginning. Your home is probably the most expensive thing you’ll ever own, and that expense goes beyond the closing price.
There’s the cost of the house, but then there are other ongoing and upfront expenses that can catch you off guard. Especially if you’re a first time buyer, it helps to know what you’re getting into.If you are buying your first home, be prepared for additional—and often unexpected—home-buying costs.
Zillow estimates that, on average, Americans pay about $9,000 a year in extra home ownership costs , but that varies depending on where you live, and could increase significantly if you live in a major U.S. city .
Some of these costs aren’t exactly “hidden” but they are commonly overlooked. If you're considering buying your first home, be mindful of these expenses when establishing your budget.