Re/max Excalibur Realty

What Does It Really Cost to Buy a House?

by Julie Hillebrand 06/21/2020

The cost of buying a house extends beyond a seller's initial asking price. In fact, there are many "hidden" costs that buyers need to consider as they decide whether to purchase a house, such as:

1. Closing Costs

There are various closing costs that a buyer may encounter before he or she finalizes a house purchase, including survey, appraisal and wire transfer fees. As such, it generally is a good idea to prepare for these costs prior to launching a house search. Because if you prepare for closing costs, you can ensure that you have the finances available to cover these expenses when you are ready to complete a house purchase.

Oftentimes, it helps to meet with banks and credit unions prior to starting a home search. These financial institutions can help you get pre-approved for a mortgage and teach you about home closing costs. Best of all, after you get a mortgage, you can start your home search with the financing you need to secure your ideal residence.

2. Property Taxes

Property taxes usually are assessed twice a year, and they vary based on state and county. However, if you learn about property taxes, you can map out your homebuying budget accordingly.

Real estate property tax information is part of the public record. Thus, you can access information about property taxes related to a particular home before you purchase it. And once you have this information at your disposal, you can use it to determine whether to move forward with a house purchase or continue your search for your dream home.

3. Utilities

Utility bills vary based on the size of a home, its location and other factors. If you devote time and resources to estimate your utility expenses, you may be better equipped than ever before to make an informed home purchase.

To assess your potential utility costs, you may want to consult with a seller's agent. This professional may be able to provide you with insights into the current homeowner's utility expenses to help you budget appropriately.

It never hurts to hire a real estate agent to help you navigate the homebuying journey, too. A real estate agent can offer expert insights into closing costs, property taxes and other homebuying fees, as well as help you quickly discover your dream residence.

Let's not forget about the comprehensive homebuying guidance that a real estate agent can provide, either. For instance, if you are unsure about whether to submit an offer to purchase a house, a real estate agent can offer recommendations and tips to help you make the best-possible decision. Or, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to respond to them.

For those who want to buy a house, it helps to learn about all of the potential costs associated with a home purchase. If you start budgeting for a home purchase today, you could accelerate your quest to find and buy your ideal residence.

About the Author
Author

Julie Hillebrand

My personal commitment is to exceed your expectations.

Thank you for taking the time to visit my site. I feel that it is very important to know who you are working with when making any real estate purchase or sale.

I am a dedicated and knowledgeable Tucson real estate agent who can provide you with the highly specialized information that will help you make the right decisions. It’s the combination of this unique market-knowledge and excellent negotiating skills that enable me to get you the optimal price for any property you plan to sell or buy.

I have been a Tucson real estate agent since 1997, I am a Relocation Specialist, Accredited Buyers Representative, Graduate of the Realtor Institute and Certified Distressed Property Expert. I have the knowledge, experience and education to assure your experience is a successful one.
In my spare time,  I enjoy spending time riding my horse, hiking, biking, skiing and anything in the great outdoors.

I'm sure you will love Arizona as much as I do. I look forward to working with you.