The most blinding aspects of a house are the property’s interior and exterior design.Exquisite interior decor and eye popping exterior landscaping work can steer the most seasoned home buyer away from all that’s involved in buying and maintaining a home. The one exception is the mortgage.

Sneaky costs you may pay after you buy a house

Mortgages are so high that it can be hard to focus on other housing costs. Yet, it’s these hidden and unexpected housing costs that can derail your mortgage paying efforts. It could only get worse if you end up having to buy a new vehicle or take on daycare expenses because your former daycare provider or babysitter can no longer watch your children.

This list of hidden housing costs is not all inclusive. However, it can leave you with fewer painful surprises to deal with after you buy a house. Don’t gloss over this list. Being aware of these items could eliminate several house buying pain points:

  • Mortgage insurance – Lenders may charge fees to protect their investment should you fall behind on your mortgage payments.
  • Homeowner’s association fees – Range of these fees varies. What might not vary is your responsibility to pay the first month’s fees during the closing process.
  • Homeowner’s insurance – This expense is separate from homeowner’s association fees. As with auto insurance, you’ll generally need proof of homeowner’s insurance before a lender fully approves your mortgage.
  • Title fee – Covers the cost of your house’s title
  • Home inspection – Your lender may or may not cover this expense. Some lenders perform home inspections throughout the life of the mortgage. Make sure that you’re not responsible for these additional inspection costs before you sign a mortgage.
  • Security – Monthly security payments are an optional expense that you might pick up after you buy a house.
  • Closing costs – In addition to your down payment, you’ll generally be responsible for closing costs.
  • Realtor fees – Commissions that your realtor earns on the sell of your house might range anywhere from two to six percent.

Blinded by the mortgage

Houses aren’t the only purchase that yields to inner blind spots. Admittedly, when you buy a car, tailored sit or even a pet, you probably don’t focus on the ongoing care costs. You might not think about the costs of oil changes, tire replacements and new brakes when you go shopping for a new car.

Pet vaccinations, food and grooming costs may be the last thing on your mind when you decide to buy that cute dog wagging its tail in the pet store window. Yet, these costs are almost inherent in vehicle and pet purchases. Similarly, there are hidden or unexpected costs inherent in buying a house

Whether you want to or not, you’ll generally be on the hook for more than a mortgage after you ink a deal on a house. Even if you paid for a house with cash, there are other costs that you may likely incur. Become aware of these hidden housing costs to avoid financial surprises. Definitely set reviewing these costs as a priority while you house shop. It could keep you from going in over your head.

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