Buying Guide
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7 min read
Understanding the True Cost of a Home
Look beyond the asking price and build a more complete picture of the costs involved in ownership.
The asking price is only one part of what a home really costs. Knowing the full picture early helps you set a comfortable budget and avoid surprises at closing or in your first year of ownership.
Upfront costs
Plan for your down payment, inspection fees, appraisal, lender charges, attorney or title fees and any applicable transfer or mortgage taxes. In New York, these can add a meaningful amount to the purchase.
Ongoing costs
Monthly common charges or maintenance, property taxes, insurance and utilities vary widely between buildings and neighborhoods. Ask for recent figures and any planned assessments before you commit.
Build in a cushion
Set aside reserves for moving, small repairs and furnishing. A realistic cushion makes the first months in a new home far less stressful.
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