3 Costs Homebuyers Always Forget

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When you're buying a home, many people assume that the only hurdle is saving for the down payment. While that's a major part of it, it's far from the only cost you’ll face. In fact, there are three additional expenses you need to plan for that often catch first-time buyers by surprise.

First, there are lender fees. These are costs associated with securing your mortgage, including things like application fees, loan origination fees, and appraisal fees. They can add up quickly, so it’s important to factor them into your budget.

Second, you’ll need to pay attorney fees. In many states, a real estate lawyer is required to oversee the transaction, review documents, and make sure everything is legally sound. These fees vary depending on the complexity of the deal and your location.

Finally, there’s the possibility of paying your buyer agent's commission. Traditionally, the seller pays this fee, but in some cases, the buyer may need to cover part or all of it.

Tiffany Webber is a real estate attorney and owner of Thomas & Webber, a real estate law firm in Mooresville, North Carolina. They handle both commercial and residential real estate closings, estate planning, and business formations.

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Thomas & Webber
514 Williamson Rd.
Suite 421
Mooresville, NC 28117
704-663-1600