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Home Insurance

Costs to Consider When Buying a New Home

The time has finally come: you’ve found the perfect home and are ready to make an offer. After months of research, open houses and working with real estate agents, you’re almost to the finish line. Before you sign that dotted line, you need to consider all of the costs associated with home ownership. Read on to learn about each of these costs. 

Down Payment

Before you can even think about buying a new home, you’ll need to come up with a down payment. This is typically a percentage of the purchase price of the home, around 20% of the total cost in most cases. The larger your down payment, the lower your monthly mortgage payments will be.

Closing Costs

Closing costs are fees associated with finalizing the purchase of your new home. These can include fees for appraisals, inspections, title searches and legal fees. Closing costs can add up to thousands of dollars, so it’s important to budget for them in advance.

Homeowners Insurance

You’ll need to purchase homeowners insurance to protect your new investment. The cost of homeowners insurance can vary depending on factors like the size and location of your home, as well as your credit score. Do your research to find the best possible rate and coverage.

Property Taxes

Property taxes can add up to a significant expense over the years. Be sure to research the property tax rates in the area where you’re considering buying a home so that you can budget accordingly.

Home Maintenance 

Once you’ve purchased your new home, you’ll need to budget for ongoing maintenance costs, such as landscaping, repairs and regular upkeep. Set aside a fund specifically for home maintenance so that you’re prepared when unexpected expenses arise.

HOA Fees

If you’re buying a home in a neighborhood with a homeowners association, you’ll need to pay HOA fees. These fees can cover things like community amenities, maintenance and landscaping. Be sure to factor these costs into your budget when considering buying a home in an HOA community.

Buying a new home is a major financial commitment. Consider all of the costs involved before making a purchase. By budgeting for these costs in advance, you can set yourself up for a successful and stress-free home buying experience. When it comes to homeowners insurance, Nsure has you covered. Nsure will help you find a policy from one of 50 top-rated insurers in less than 5 minutes based on your unique situation. Contact us today to get started. 

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