Long & Foster Real Estate, Inc.
Marsha Wolber, Long & Foster Real Estate, Inc.Phone: (703) 618-4397
Email: [email protected]

What Is the Cost of Purchasing a Home?

by Marsha Wolber 12/29/2019

Before you embark on a search for your dream house, it helps to know what to expect during the homebuying journey. If you understand the true cost of purchasing a home, you can map out your property buying strategy accordingly.

Now, let's take a look at three factors that may impact how much you spend to acquire your ideal residence.

1. The Price of a Home

The initial asking price for a house is not necessarily set in stone. In some instances, you may be able to negotiate with a seller and receive a lower price.

However, regardless of the price you negotiate with a seller, you are responsible for paying for a residence. And if you fail to receive a mortgage, you may struggle to make your homeownership dream come true.

It often helps to get pre-approved for a mortgage. That way, you can enter the housing market with a budget in hand. Pre-approval for a mortgage also may enable you to speed up your home search and ensure you can quickly discover a residence that falls within your price range.

2. Closing Costs and Other Homebuying Fees

After a seller accepts your offer to purchase his or her home, there may be various fees that you'll need to pay to finalize your house purchase.

For instance, a buyer who conducts a home inspection will need to pay for this evaluation. He or she likely will need to pay for an appraisal and any closing costs as well.

As you get ready to pursue a house, you may want to put aside extra funds for any potential costs you may encounter throughout the homebuying cycle. Because if you have the necessary funds at your disposal, you may be better equipped than ever before to seamlessly navigate the homebuying journey.

3. Moving Expenses

After you buy a home, you will need to relocate all of your belongings to your new address. To do so, you probably will require moving boxes and packing supplies to ensure your personal belongings can safely reach your new house. As such, you should account for these expenses prior to starting a house search.

Of course, you may want to hire a moving company too. If you want to find out what it costs to hire professional movers, you may want to receive quotes from multiple local moving companies sooner rather than later.

If you need help getting ready to search for a home, a real estate agent is happy to assist you. A real estate agent can offer lots of insights into the potential costs you may encounter at each stage of the property buying journey. In addition, a real estate agent will help you narrow your search for your dream house, conduct home showings and much more.

Start planning for potential costs associated with the homebuying journey – you'll be glad you did. If you budget for the property buying journey, you could increase the likelihood of enjoying a quick, stress-free homebuying experience.

About the Author
Author

Marsha Wolber

Marsha Wolber - A Little Background Marsha Wolber was born and raised in Pittsburgh, PA and graduated from Carnegie-Mellon University. After college, Marsha moved to Boston, MA where she worked in the information technology field as an applications programmer and software manager. She and her family moved to Fairfax County in 1987 and have lived here since then, except for a brief 4 year stint in the San Francisco Bay Area. Marsha’s family returned to Fairfax County from California primarily because of the quality of life and top notch education provided by our public schools. She and her husband Noel have two daughters, both graduates of Robinson Secondary School, the eldest a graduate of George Mason University and the youngest a graduate of Auburn University. 

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Helping Sellers Succeed Since 1997

Top 5% of Agents Nationwide 

Lifetime NVAR Top Producer 

Lifetime NVAR Multi Million Dollar Club 

Member NVAR Diamond Club Top Producers

Long & Foster Founder's Club

Named as one of Best Top Producing Agents in 2015 by Washingtonian Magazine 

Named one of Best Top Producing Agents in 2020 and 2016 Northern VA Magazine 

Certified Relocation Specialist Professional 

Careful, Focused Attention to Help my Clients Meet Their Goals

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