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Hidden Costs That First-Time Home Buyers Should Be Aware Of With Kerri Nettles

Kerri Nettles

Buying your first home is an extremely exciting time, but according to Kerri Nettles you should always consider that there might be some hidden expenses.

OCEAN SPRINGS, MISSISSIPPI, UNITED STATES, January 21, 2019 / -- The first thing most couples want to do when the encounter the house of their dreams is to sign the mandate without a second thought, especially if the price tag associated with it is extremely generous. However, according to Kerri Nettles, a real estate agent with years of experience under her belt, there are a number of costs which first-time buyers often fail to take into account when going ahead with the purchase of a house. Some of these are direct and some indirect, but the important thing is that they add up. We’ll take a look at some of them below.

Maintenance Costs

Like every other asset in life, houses can deteriorate over time, and require constant maintenance in order to ensure their longevity. And according to Kerri Nettles, owners should be planning on putting aside about one to two percent of the value of the house per year in order to cover the maintenance. This includes home cleaning, gutter clearing, gardening, pressure washing and miscellaneous maintenance such as repainting walls.

Property Taxes

“Property taxes vary from state to state,” Kerri Nettles says. “But one thing is for certain - they’re costly and they’re constant.” They also vary wildly depending on, other than the state, the city the property is in, the type of house it is, as well as ordinance. It’s important to double check that you’re paying the correct taxes. If you believe that you’re paying too much - and this does happen sometimes - there are lawyers who can help you recoup your losses.

Closing Costs

The number you see on the advertisement is rarely going to be the number that gets deducted from your bank account when you sign the final agreement on the house. In fact, there is a laundry lists of costs that goes hand in hand with finalizing a mortgage. These include: Mortgage taxes, lender application fees, attorney’s fees, title insurance and recording fees. In general this could cost as much as two to five percent of the value of the entire property, so it’s worth taking them into account before you decide if you want to buy the house or not.

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