9 Hidden Home Maintenance Costs That Can Blindside First-Time Buyers

2018-05-10  · If you are a first-time home buyer, of low maintenance. This can be an attractive. by a condominium association to cover the cost of.

Closing Costs. For example, the average sale price for a new home in May was $337,000, according to the U.S. Census Bureau. A 20% down payment on that sale price amounts to $67,400. On top of that $67,400 down payment, though, you would need between $6,740 and $16,850 to cover closing costs.

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9 hidden costs that come with buying a home. emmie martin and skye gould. dec. 10, 2016, 1:00 PM.There are a mountain of hidden expenses – from maintenance fees to taxes – that can add up. 9 Other Hidden Expenses That You Might Forget.

Given that almost half of home shoppers are first-time buyers, some of these costs may come as a surprise and will definitely have a meaningful impact on potentially tight household budgets. Determining how much you can afford is one of the most challenging aspects of home buying, especially for first-time buyers.

Using a 2,000 square foot home, likely repair and maintenance items over a ten year period, and cost estimates based on averages from various sources, I came up with the following: These ten year costs total $41,500. Dividing this by ten years, we get $4,150 per year, or $346 per month.

7 Best Cities for First-Time Homebuyers 7. San Antonio, Texas San Antonio has 154 HUD-approved. Dallas, Texas The top 10 list of the best places for first-time homebuyers ends in Dallas. This city has the third-most HUD-approved mortgage.

First-home buyer beware: Five hidden costs of buying a home. Getting your foot into the door isn’t cheap, but sometimes it’s where the money is spent that comes as a shock to first-home buyers. It’s not over once the deposit has been saved and the winning offer made. Experts have identified five areas where hidden costs might be lurking, and how a buyer can avoiding paying more than they need to.

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And don’t worry – most of these tasks take just a few minutes or a quick call to a trusted pro. Take a deep breath and dive into the 11 home maintenance to-dos you’ll need to handle in the first year of buying a home.