Avoid Sticker Shock: 4 Hidden Costs of Home Buying

Buying a home is a significant milestone, especially for military personnel and their families. However, the excitement of becoming a homeowner can sometimes be overshadowed by unexpected costs that lurk beneath the surface. In this blog post, we will uncover four hidden costs associated with home buying, providing valuable insights to ensure a smoother home-buying process for military families.

Understanding the True Cost of Homeownership:

  1. Closing Costs: Beyond the Down Payment

While many homebuyers are aware of the down payment, closing costs often catch them off guard. These costs include various fees, such as appraisal fees, title insurance, and legal fees. Military families should be prepared for these expenses, which typically range from 2% to 5% of the home’s purchase price. Research local averages and utilize online calculators to estimate these costs accurately.

  1. Maintenance and Repairs: The Ongoing Investment

Owning a home comes with ongoing maintenance responsibilities. Military families must budget for routine maintenance, repairs, and unexpected emergencies. Establishing a home maintenance fund can help cushion the impact of surprise expenses, ensuring that the joy of homeownership is not dampened by unexpected repair bills.

  1. Property Taxes: A Yearly Commitment

Property taxes are an essential but often overlooked aspect of homeownership. Military families should research local tax rates and assess how they fit into their long-term budget. Understanding the property tax system and exemptions available to veterans can help minimize this annual expense.

  1. Homeowners Insurance: Protecting Your Investment

Securing homeowners insurance is a crucial step in the home-buying process. Military families need to understand the coverage they require and shop around for the best rates. Additionally, explore insurance discounts available to military personnel and veterans, ensuring they maximize savings while safeguarding their investment.

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