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The true cost of buying real estate

On Behalf of | May 29, 2023 | Real estate transactions |

Many people dream of owning a home, but few understand the true cost of taking this step. Home costs in Tennessee are high, but it is also important to account for all of the expenses and costs associated with purchasing real estate. There is much more involved with buying a home than just finding a house within a certain budget. By preparing for what is ahead, a buyer will not be caught off guard by extra expenses and surprises costs. 

Beyond the cost of the home itself 

After finding a home within a certain budget, a buyer may assume that the next step should be to make an offer on the property. It is important to calculate the true cost of mortgage payments based on the price and interest rates, as well as whether the home will truly be affordable when accounting for additional costs as well. These costs may include: 

  • Property taxes 
  • Fees for community HOA 
  • Insurance 
  • Maintenance costs 
  • Closing costs 
  • Repair costs 

These are examples of many costs associated with owning a home in Tennessee. Before making an offer, it is important to look at more than just the asking price for the property. 

Protecting legal and financial interests 

When buying a home, it is helpful to have experienced legal guidance at every step. An experienced real estate attorney can provide insight at every step, including during negotiations, contract review and more. This assistance may prevent a potential buyer from making mistakes that could prove costly to him or her in the future.