Buying a house involves several hidden costs beyond the listing price, essential for both first-time and experienced buyers. Closing costs, which can range from 2% to 5% of the purchase price, cover services like taxes, title insurance, and appraisal fees. Buyers should also consider property tax as an ongoing expense that supports local community services and will need to be paid each year. Planning for these hidden expenses is crucial for successful home ownership.
Closing costs are due on the day of closing, when ownership is officially transferred from the seller to you. Buyers typically pay between 2% and 5% of the home's purchase price.
Property tax isn't just a required cost when you buy a home-it's an ongoing expense you'll keep paying as long as you own the property.
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