Are you in the process of purchasing your first home? If so, if you don’t plan appropriately, the first-time home buyer process can quickly become stressful. With any move, the fact that you’ll need to pack up your existing belongings and have them transported to your new home should come as no surprise. As moving professionals, our team at All Points Moving & Storage can handle the entire moving process for you so that this doesn’t cause you any stress. There are, however, some unexpected first-time home buyer costs that we encourage you to keep in mind.
For many first-time home buyers, the initial deposit, also known as earnest money, comes as a surprise. This money is required and serves as the initial deposit for your property. This is provided up front during the application process. In turn, this provides the seller with confidence that you’re fully committed to this investment. The good news is that this earnest money does get applied towards your home’s down payment and closing costs.
Cost of an Appraisal & Inspection
As the buyer of the home, you are typically responsible for paying the cost of the property appraisal. This appraisal is a requirement and makes sure that the asking price is fair. The next cost that the buyer often has to cover is the home inspection. When it comes to peace of mind, the home inspection is worth every penny. During the inspection, any damage or issues with the home are identified and documented. Often times you can negotiate with the seller to make sure that the issues found are addressed.
Almost every large investment that is made during your lifetime requires some sort of insurance. To protect your first-time home buyer investment, homeowner’s insurance protects you from things like storm damage, floods, fires, smoke, etc. In order to get approved for a loan to purchase your first home, most lenders will require that you have homeowner’s insurance in place.
As you can see, there are a lot of unexpected first-time home buyer costs to keep in mind when preparing to purchase a home. The costs highlighted today are just a few of the many that you’ll deal with during the homebuying process. When it comes to the move itself, put your trust in All Points Moving & Storage and save some money where you can by taking advantage of our affordable moving options. To request a free moving quote, give us a call today at (866) 421-9490 or email email@example.com.