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1. Buying a New Home…
Check for the hidden costs of buying your NEW HOME
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2. Everyone knows that buying your first home is an
expensive ordeal—just the cost of a down payment
alone can be significant for many buyers. But those
aren’t the only costs that you have to consider prior to
home shopping.
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3. First-time buyers often don’t realize that they will need
to pay for more than just the selling price that they
negotiate with a seller. Things like interiors, hookup
fees for utilities, and appliances are all extra expenses.
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4. So what else do you need to budget for as a first-time buyer? Follow along as we take you
through the basics.
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5. Make sure that you hold enough back to cover all of the extras, such as:
 Legal fees
Though mentioned in the cost sheet by the seller. Take care that you are in the safe side wuith the legal charges.
 Agent fees
If you are buying a house using a real estate agent, make sure that you have your terms discussed in detail before
proceeding further. Usually it is 1% - 2% of the property cost.
However, the agent is paid a percentage of the sale price upon the completion of the transaction.
 Inspection and appraisal
The trend now in India with the sellers is, they mention the cost for the government approval in the price sheet. So be
clever and conscious when you calculate the cost of the property. Please do research on the present trend and
compare in your price sheet.
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6.  Mortgage with interest
So maybe you have a general idea of what you can afford for a mortgage, but did you factor in an
interest rate? Will your interest rate change based on your down payment? Will your rate
fluctuate, or will it be fixed?
You will need to talk to your bank about this, to see how much you qualify for and what they can
offer to you. Your monthly payments can change significantly based on your interest rate, so if
you get an offer that seems high, feel free to shop around for one that better suits your bank
account.
 Note : Feel free to visit our website LOANYANTRA.COM for constant alerts on interest rate
changes and also for zero fee balance transfer.
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7.  Step Two: After You Pick a House
Don’t put away your calculator yet! Sure, you made your budget work for the “before” costs, but
don’t forget about the “during” costs, which include:
 Moving expenses
Do you have enough stuff to warrant a moving truck or movers? Is your new place far away from
your current one? If you need, or want, to hire movers, you’ll need to figure out the cost.
Depending on your preferences, movers can get pricey.
For example, if you just rent a moving truck or trailer, your costs will be moderately low. But if you
need people to help pack your things and move your items out of one house and into another,
you’re going to have to cough up some extra cash.
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8.  Home Insurance
Homes come with all kinds of monthly expenses, and insurance is one of the necessary ones.
Depending on the age and condition of your home, your location, your insurance history, and so
on, your insurance rates will fluctuate. They’ll also vary drastically by provider.
Be sure to shop around for the best coverage and price for your personal needs
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9.  Interiors and Utilities
We all know that interior designing and buying utilities are going to cost money; that is inevitable.
Interior designers will surely cost your pocket. So depending on your financial situation, take a
call.
There are plenty of options around. Probably, it is time for you now to look up for offers and sale.
Now-a-days, shopping online and cash on delivery options make things easier and economical as
well.
So think wise before you shop either online or outdoor. The idea is to save money and time too.
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10.  Property tax
Property taxes are something that every homeowner has to pay, and they vary by location.
And this is one of the taxes the government is strictly probing. So to avoid paying lump-sum, plan
well in advance.
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11.  Step Three: Once You Move
So, you figured out a budget and selected a house. Since you’ve probably put a lot of your cash into the process so
far, it might be difficult for you to consider parting with any more of your money, but chances are you still need a few
things to turn your new house into a home.
 Take a deep breath and remember:
There will be unexpected costs. Maybe something gets damaged in the move, or maybe you need to change the
locks to your new house. Don’t beat yourself up for not thinking about every single cost involved.
Your first grocery trip is going to be expensive. Why? Because, chances are you need to stock up on groceries, spices,
canned goods, and other staples. Don’t worry, you’ll only need to do a move-in shop once. The rest of the time you’ll
just buy what you need, when you need it.
All of the money that you were saving isn’t gone. It’s finally gone towards what you were saving for in the first place.
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12.  Setting up House and Settling in
You won’t often hear that buying a house is easy, but you won’t hear too many regrets about
doing it either. It’s a big purchase, and it’s bound to be a bit complicated, but don’t let that keep
you from building equity and making a home of your own.
Spend wisely, save for a rainy day, and cover your most important costs before anything else and
you’ll have a happy and financially healthy home to call your very own.
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