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Today we’re happy to be sharing another collaborative post, written by an S&S reader! Thanks to Toni for reminding us of some of the easily-forgotten costs of moving into a new house.

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Common, but Often-Forgotten, Costs of Moving into a New Home

When you think about moving into a new home, you’ll have a budget in mind for the actual property. You’ll know roughly what kind of place you can get for your money, and how much of that will need to come from the bank in the form of a mortgage. You’ll have done your searching through a company such as Top Notch homes, found the home of your dreams and think you’ve got the costs figured out. But often this isn’t the case.

But in reality, there are a lot more expenses to a new home than just the cost of the house. So I’m going to list a few of the common, but often-forgotten, costs that add up when you’re moving into a new home.

As you plan your move and your finances, keep these in mind. And save or budget accordingly. Are there any that you’d forgotten about?

Realtor® Fees

Estate agents or Realtors invest a lot of work in helping you to find the home of your dreams. They know the changing market, so they can advise you on prices and help you negotiate fixtures and repairs as part of your real estate deal. Then they help you with the complicated paperwork so you don’t make a costly mistake.

And they usually work for free, right up until the home is sold. Then they will receive a percentage of the home’s sales price. This tends to be a small percent, but on an expensive home, it can really add up. In the US, sellers usually pay one fee that covers both the seller’s and the buyer’s Realtors.

However, some Realtors charge fees upfront, in exchange for unlimited access to them and their services until a home is found. So check on your local agents’ rates, and find a good fit for you.

Legal Fees

Buying and selling a home is a legal transaction. So the process needs to be done through the proper channels, otherwise you might not actually hold the title to your home at all. So while it is very necessary to have legal help, it is a cost that you might not think about right away.

Again, do your research on your local standards. Some legal experts will charge a flat rate, whereas others may charge an hourly rate. Get a time estimate before committing to an hourly rate.

Inspection and Survey Fees

When you have a found a home you’re serious about, you’ll want to have it inspected.  This means a certified inspector will review the structure in detail. They’ll look for things like structural damage, electrical problems, plumbing issues, mold etc. It is worth every penny. If the house passes inspection well, you’ll have peace of mind to complete the purchase. And if there are serious issues, you have the option to pull out of the sale and save yourself from potentially sinking thousands of dollars into a poor investment.

Taxes or Duty Fees

Depending on where in the world that you live, you may have to pay some taxes or fees for buying a new property. It can vary from place to place, but it’s almost always a percentage of the purchase price. Make sure you understand exactly how local taxes apply to your transaction so you’re ready for upfront taxes and any ongoing property taxes.

Have you got plans to move into a new home this year? It would be great to hear your plans and how you’ll be planning to save money as you do so!