What your new home will really cost you...

Getting a mortgage pre-approval and budgeting your monthly payment are top-of-mind when you go house-hunting. But there are other costs you need to save for when you’re buying a home.

Since you will have to reimburse the seller for things like property taxes and utility bills, you better save some money for adjustment costs. Plan to save $500-$1,000.

You’ll need a lawyer to review the terms of the offer, deal with the mortgage, do a title search, register a new title and get the documents needed to calculate the adjustment costs. Plan to save $1,500 – $2,500 for legal fees.

A home inspection report is a must-have. It will outline costs of repairs or replacements where needed as well as comment on the condition of the property, which will speak to how well the home has been maintained. Plan to save: $300 – $500.

Some lenders make you pay to have the property appraised. Plan to save $150 – $250. Some make you pay for a property survey, too. Plan to save $1,000 – $2,000.

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