Marcia's Blog

The Real Costs of Homeownership: Finding Money to Finance Your Dream

Most people have no idea about all the costs associated with homeownership.  In fact, the average homebuyer can expect to spend as much as $40,000 in one-time fees when buying a house, according to a new study by RealEstate.com and Thumbtack. While that number may sound overwhelming, a homeownership advisor can help you find sources of money you didn’t know existed. Read on to find out how.

I’ve spoken to a lot of people who dream of becoming homeowners, and one of the biggest barriers holding them back is money. That’s totally understandable. After all, buying a home is likely one of the biggest financial transactions you’ll ever make.

 

Yet most people don’t have a true understanding of all of the costs involved. In fact, the average homebuyer can expect to spend as much as $40,000 in one-time fees when buying a house, according to a new study by RealEstate.com and Thumbtack.

 

Wondering where all of the money goes? Most of it is typically spent on the down payment.  However, closing costs and moving expenses can eat into your savings too, leaving you feeling overwhelmed with the potential impact on your pocketbook. The costs of buying a home also vary based on where you live. You’ll spend more in certain parts of the country than in others.

 

If you’re thinking that you could never afford a home because you don’t have an extra $40,000 lying around, I’m here to tell you that you’re wrong. There are plenty of options for people who don’t have that much cash. There are programs that provide down payment and closing cost assistance, as well as strategies that you can put in place to come up with more money than you thought you had.

 

Many people don’t know about all of the sources of financial assistance, and they end up spending more on a house than they need to. Don’t make that mistake.

 

One of the biggest benefits of working with a homeownership advisor is that they can tell you about sources of financial assistance so you can complete the journey to homeownership while spending the least amount of money to get there. A homeownership advisor will look at your unique financial situation and help you maximize your savings and identify sources of cash that you didn’t even know existed. For example, HomeFree-USA told first-time homebuyers Monet and Brian about a closing cost grant that they could take advantage of, and they are happy homeowners today.

 

The more you know about the homebuying process, the better able you are to take advantage of the resources that are available to you.  HomeFree-USA finds you money that many don’t know exist. Visit one of our advisors to see what you qualify for.