Without a doubt, buying a house is the largest and most expensive purchase you will ever make. Beyond the listing price, what does it actually cost to buy a home? This article will break down what costs to factor in.
This is the easy one. If you have put in an offer and it is accepted, that’s how much the house itself costs. If you found a home you love and want to make an offer, talk to your realtor about price negotiations to see if you can save some money.
The rule of thumb is to have 20% down when buying a house. For many first-time homebuyers or people that meet certain mortgage requirements, you may be able to buy a home with less than a 20% down payment. Ask your mortgage lender about your options for down payment amounts.
It’s no secret that you will be making payments on your home for a long time, so it is smart to be aware of interest rates when you are shopping for a new house. As of this article being published, mortgage rates are at historic lows. In addition, your interest rate is computed based on your lender, your credit score, how much you are using as a down payment, and what type of loan you are using.
Property taxes will vary depending on where you live. With the number in mind, you will be able to determine where you want to live in the state as well as help you accurately budget for your payments. Our free relocation magazine has information about property taxes for Boise and the Treasure Valley.
Homeowners insurance can be a small addition or a large expense depending on where you live, the size of the home, and your insurance agency. Look up the insurance rates in your state to get a more accurate picture of the cost.
After you have all of this information, you can run the numbers for your monthly mortgage payments. Your lender can help you with this after determining how much money you are qualified to receive for your loan. In addition, don't forget to file the homeowners exemption on your taxes when you move in. This exemption only needs to be filed for once as long as you live in the home. This will help you on your taxes every year by deducting “50% percent of the value of your home including up to one acre of land to be exempted, or up to $100,000 worth of exemption; whichever is less.” Click here for more information about the homeowner’s exemption.
READY TO LEARN MORE? Client Care 208.219.7683
Let's get started
Search All Southern Idaho