9 hidden costs that come with buying a home
Buying a home isn't just a 20% down payment and a monthly check for the mortgage.
There are a mountain of hidden costs - from closing fees to taxes - that can add up to more than $9,000 each year, real estate marketplace Zillow estimates - and that number will only jump if you live in a major US city.
Business Insider spoke to Zillow's chief economist, Svenja Gudell, about the three big unavoidable costs - homeowners' insurance, property taxes, and utilities - and other common costs that are often overlooked.
If you're considering buying a home, be mindful of these expenses when establishing your budget, Gudell says:
Dylan Roach/Business Insider
- I spent 2 weeks in India. A highlight was visiting a small mountain town so beautiful it didn't seem real.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- Stock markets stage strong rebound after 4 days of slump; Sensex rallies 599 pts
- Sustainable Transportation Alternatives
- 10 Foods you should avoid eating when in stress
- 8 Lesser-known places to visit near Nainital
- World Liver Day 2024: 10 Foods that are necessary for a healthy liver