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The process of homebuying often includes more than the average house hunter is aware. Most tend to think that once they have a good salary and stable credit, they just get a loan and buy a home. However, the task is far more complicated than that.

The first “hidden” cost you’ll find is the inspections. More often than not, loan lenders will require the buyer to perform home inspections. Now, you might be thinking, “Shouldn’t the seller pay for the inspection?” Well, the bank wants you to make sure that you are making a good purchase. If you make a bid on a home and begin inspections to find that the house is a structural mess, you’d want to back out and continue your search. At the same time, if a previous buyer backed out after a home inspection, the seller is required to disclose that information to avoid further issues.

It is also important to note that there may be more than one inspection you have to pay for. Different inspections you may come across include a general inspection, a termite inspection, a sewer inspection, or structural inspections.

Once you’ve completed all the inspections to your lender’s liking, you move on to closing costs. These costs consist of lender fees, appraisal fees, title or attorney fees, escrow fees, interest and more. You should get a compiled list of the costs from your lender. According to Zillow, closing costs are typically 2-5% of your home’s purchase price. There are closing cost calculators online to help you get a more specific idea of what you’ll pay.

Now that you are moved in and happy, there are different fees, but fees nonetheless. The maintenance of a home costs owners every year. If your pipes burst as a renter, you might get soaked, but you simply call your landlord, and things are handled. As an owner, you are getting soaked and also paying out of pocket to get them fixed. Because there are so many variables that go into it, there is no way to determine precisely how much an owner would pay for maintenance per year. However, it is said that owners spend about 3.6% of the original purchase price annually for maintenance, and higher if the home is older.

Finally, homeowners must pay monthly mortgage and yearly taxes. You can verify your monthly mortgage payment with specialized calculators; however, it may be more difficult to estimate the taxes and insurance. Calculate your total monthly mortgage principal, interest, taxes, and insurance to determine an estimate of what your payments will look like.