Ignite FB Tracking PixelWhat Is the Cost of Purchasing a Home? - Barry Macchione

What Is the Cost of Purchasing a Home?

by Barry Macchione 11/05/2018

Before you embark on a search for your dream house, it helps to know what to expect during the homebuying journey. If you understand the true cost of purchasing a home, you can map out your property buying strategy accordingly.

Now, let's take a look at three factors that may impact how much you spend to acquire your ideal residence.

1. The Price of a Home

The initial asking price for a house is not necessarily set in stone. In some instances, you may be able to negotiate with a seller and receive a lower price.

However, regardless of the price you negotiate with a seller, you are responsible for paying for a residence. And if you fail to receive a mortgage, you may struggle to make your homeownership dream come true.

It often helps to get pre-approved for a mortgage. That way, you can enter the housing market with a budget in hand. Pre-approval for a mortgage also may enable you to speed up your home search and ensure you can quickly discover a residence that falls within your price range.

2. Closing Costs and Other Homebuying Fees

After a seller accepts your offer to purchase his or her home, there may be various fees that you'll need to pay to finalize your house purchase.

For instance, a buyer who conducts a home inspection will need to pay for this evaluation. He or she likely will need to pay for an appraisal and any closing costs as well.

As you get ready to pursue a house, you may want to put aside extra funds for any potential costs you may encounter throughout the homebuying cycle. Because if you have the necessary funds at your disposal, you may be better equipped than ever before to seamlessly navigate the homebuying journey.

3. Moving Expenses

After you buy a home, you will need to relocate all of your belongings to your new address. To do so, you probably will require moving boxes and packing supplies to ensure your personal belongings can safely reach your new house. As such, you should account for these expenses prior to starting a house search.

Of course, you may want to hire a moving company too. If you want to find out what it costs to hire professional movers, you may want to receive quotes from multiple local moving companies sooner rather than later.

If you need help getting ready to search for a home, a real estate agent is happy to assist you. A real estate agent can offer lots of insights into the potential costs you may encounter at each stage of the property buying journey. In addition, a real estate agent will help you narrow your search for your dream house, conduct home showings and much more.

Start planning for potential costs associated with the homebuying journey – you'll be glad you did. If you budget for the property buying journey, you could increase the likelihood of enjoying a quick, stress-free homebuying experience.

About the Author

Author
Barry Macchione

Barry Macchione has been a RE/MAX REALTOR® since 2000 and a member of the RE/MAX Hall of Fame since 2010. Each year Barry has achieved the 100% Club for the past 18 years which is an Elite Club of RE/MAX agents. As a member of the East Polk County Association of Realtors since 1997, Barry has extensive real estate transaction experience with hundreds and hundreds of homes sold throughout Central Florida, including Commercial transactions. He is well versed in all aspects of both Seller and Buyer representation and sale of businesses and commercial property as well and achieves his clients goals and takes the stress out of today's real estate market.

Barry's personal interests include Bass Fishing, Boating and Martial Arts.Barry has traveled the country for many years fishing on the B.A.S.S. and FLW Tournament circuits as well as competed locally and was successful in National competition as well. Barry is also a Martial Arts Instructor for the City of Winter Haven Recreation Department. Having studied and trained continuously in the Martial Arts since 1974, he holds a high rank is the art of American Goju-ryu Karate, a Japanese based Karate brought to the United States in the early 1950's. For 44 years, Barry has been a member of the same Martial Arts Organization the U.S.A.G.O. and has competed successfully in hundreds of Martial Arts tournaments and now teaches and trains all ages of students and supports their participation in today's tournaments with them.

Barry enjoys the outdoors whether just boating on the many lakes and rivers of Florida including the Winter Haven Chain of Lakes or occasionally just fishing and capturing the serenity and beauty of the sunsets while on the water. If you are looking for a Real Estate Professional whom has lived in the area for 57 years and knows the area well, Barry is your REALTOR®. Call or text Barry today or check out the many social media channels he has and make contact today, he looks forward to hearing from you!