Homebuyers are often blindsided by unexpected costs during the purchase process and shortly after the sale closes. Almost half of current homebuyers incur $2,000 or more in unexpected costs when they buy a home.
The Consumer Protection Act was signed into law in 2010 to help protect homebuyers. A Chicago area real estate attorney can review all contracts and advise purchasers of their rights and legal options to help them stay protected from unexpected homebuyer costs.
CNN Money reports many buyers are overly optimistic when budgeting for their home purchase and neglect to add in some necessary costs. A survey by TD Bank found that approximately 10 percent of homebuyers had unexpected expenses of $5,000 or more. Some common costs many buyers overlook are essential.
The home inspection: After buyers have reached an agreement with sellers and have the home under contract, they need to hire a professional home inspector to conduct a thorough and impartial inspection of the structure. There may be additional charges for radon tests, termite inspections, or mold and air quality tests that are also needed. Some buyers opt to have a relative or friend knowledgeable about construction give the house a once-over. Skipping a professional home inspection can cost buyers much more in unexpected repairs after they move in.
Moving expenses: Moving costs vary according to how far a household is moving and what type of personal belongings are being hauled. The price differences among professional moving companies can be significant and so can the quality of the service they provide. Buyers should obtain quotes from at least three companies and research reviews from past customers. It is best to let professionals handle moving heavy objects like refrigerators to avoid back injuries and damage to belongings that could result in unexpected expenses that quickly add up.
Immediate expenses: Buyers may have budgeted for new paint and carpet, but there are many other expenses that must be paid when moving to a new home. Some utilities require deposits or fees to transfer or initiate service. All exterior door locks need to be replaced immediately. People who buy an older home should expect some needed repairs within their first year of occupancy.