There are many factors to consider during the home buying process. After all, buying a home most likely will be the biggest purchase ever in your life.
After signing all the closing documents for my first home, I recall the escrow agent shaking my hand, saying, “Congratulations. You’re in debt.” We all laughed together.
This question may seem to be the most obvious every potential homebuyer should ask. But, unfortunately, it’s not unheard of a person falling in with a house for sale without looking at their finances.
Typically, closing costs are between 2% to 5% of a house’s purchase price. So, for a home for sale at $250,000, the closing costs would be at least $5,000 ($250,000 x 0.02).
Usually, people sell their homes to upgrade to a bigger house or downsize because they are empty nesters. Another reason is their employer is relocating them to another city for work.
Buyers shouldn’t assume everything they see comes along with the house. Sellers stage their homes to help convince potential homebuyers to make an offer on their house.