Emily Merkley, chief executive officer, Cache Valley Association of Realtors
The year 2020 was a big year for a lot of reasons, and real estate markets definitely found their place on that list. With consistent growth that doesn’t show signs of slowing, the flourishing market has proved a wise investment for homeowners. Homeowners and sellers are not the only ones reaping the rewards, as potential buyers have had a wealth of opportunity when it comes to homeownership. For new homeowners, this great opportunity comes with big responsibility, and it’s crucial to have an idea of these responsibilities before the journey begins.
In an effort to get their desired home, many buyers, and particularly first-time buyers, are having to stretch their budgets. For those looking to buy their first home, it’s important to research the associated costs that are not always obvious. Knowing — and planning — ahead for these less-known financial obligations will ensure your path to homeownership remains a pleasant and positive experience. Purchasing a home is a large financial commitment and being prepared for every aspect of the journey can make all the difference.
To help keep the eyes of potential buyers on their budgets and avoid overspending themselves, REALTORS® suggest creating a budget that considers all the potential costs of homeownership before (or during the search) for a home.
To budget for a new or existing home, consider using the following as a list to account for some of the costs associated with homeownership:
• Mortgage
• Down Payment
• Appraisal
• Title Insurance
• Credit Reports
• Loan Origination Fees
• Home Inspection
• Title Fees
• Home Insurance
• Maintenance
• Association Fees
• Utilities
• Remodel/Repair
It might seem like a long list, but thousands of people do it every single day. With the help of a knowledgeable REALTOR®, potential home buyers can be well-equipped and confident as they begin the journey that leads to the dream of home ownership.
