In a housing market where almost half of U.S. homes sell within a week and prices are climbing at a rapid clip, it’s easy for a buyer to overlook hidden costs in the quest to land a new home.
That’s all the more reason buyers – especially first-time buyers – should step back, breathe and consider all the costs involved, experts say.
In addition to a down payment, which most financial experts say should ideally be 20% of the home’s price, buyers need to set aside closing costs.
Those typically include lender fees to originate and underwrite a mortgage, real estate agent commissions, appraisal, property taxes, homeowner’s and title insurance, as well as fees for filing local and state records.
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“Generally, financial planners say that you should expect to pay…