How to Use "Free Money" to Pay for “Hidden Costs” When Buying a Home
What many people don’t realize when they’re buying a home is that there are more costs than simply the down payment. These costs, which many people overlook, arise from fees associated with the home buying process. Factoring in these additional fees is important to figuring out your budget.
The good news is that this blog explains how you can get and use “free money” to cover the “hidden” home buying costs and more.
What Are the Hidden Costs When Buying a Home?
The term “hidden costs” is a bit misleading because, in reality, these costs are no secret. Instead, they are usually overlooked and, therefore, can come as a surprise – especially if homebuyers have not budgeted for them.
Generally, hidden costs associated with buying a home include (and are not limited to):
· Home inspection fees – When buying a new home, it’s strongly advised that you get a home inspection to find out if the home has any defects or hidden damage that could cost you thousands to repair. Additionally, the lender may require a home inspection in order to write the loan. While home inspection fees can vary between different inspectors, generally, they cost around a few hundred dollars.
· Appraisal fees – Crucial to verifying the market value of a home, the appraisal will usually cost at least a couple hundred dollars. These fees are often paid up front, as part of the process of securing a home loan.
· Loan origination fees – This cost, which arises from the work a lender has done to initiate the loan, is typically between 0.5 and 1 percent of the total mortgage. Some lenders require upfront payment of loan origination fees.
· Closing costs – These can cover title or attorney fees, escrow fees, and more. Generally, closing costs range between 2 and 5 percent of the home purchase price.
· Insurance fees – At the very minimum, these costs usually involve purchasing homeowners’ insurance and/or title insurance. Depending on where your home is, these fees can also include flood insurance, hurricane insurance, and more.
· Taxes – Property taxes can vary from year to year, and they typically increase when the value of a home increases (due to increasing property values in the neighborhood or major new improvements to the home).
Find Out How Much Cash Can You Get Back after Closing on Your New Home
Call (281) 668-8124 or
Our trusted agents are ready to tell you more about our commission-sharing program for homebuyers.
Where to Get “Free Money” to Cover Hidden Costs
Buyers who are purchasing new homes in Texas can get FREE money to put towards the hidden costs (or whatever else they want) by choosing New Home Gurus as their agent. We facilitate every aspect of the home purchase, from drafting an offer through closing, providing the support and resources necessary to help homebuyers get their dream homes.
At closing, New Home Gurus splits the buyer’s commission with the homebuyer 50-50. That “free money” can mean that, on average, homebuyers who work with us can expect to get back anywhere from $4,500 to $12,000, giving them the financial resources to cover costs like (but not limited to):
· Down payments
· Closing costs
· New furnishings
· Cleaning and moving costs.
Buy Your New Dream Home & Get Half the Buyer’s Commission at Closing: Contact Us
If you are buying a new home in Texas, find out how much cash back you can get from New Home Gurus at closing.
Call (281) 668-8124 or
Our new home gurus are standing by, ready to answer your questions and explain how our commission-sharing program works.
At New Home Gurus, we work with homebuyers across Texas, helping them get their dream home and sharing the buyers’ commission with them. We take care of all of the paperwork, guide homebuyers at every step of the process, and pay them half of the buyer’s commission at closing.
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