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Accounting for the total cost of homeownership

Posted on Tuesday, March 12, 2013 at 12:55:20 PM

Because purchasing a house can be an expensive endeavor, a wide variety of residential financing opportunities are available for homebuyers. However, the costs often don't stop at the property price.

There are a number of other financial aspects consumers considering purchasing property should take into account before buying. 

Furnishings
Most homes do not come fully furnished, so it is important for homebuyers to plan out what amenities they need and what furnishings they want - and then budget accordingly. It may not be possible to fully decorate each room in a house right away, so consumers should plan their purchases.

Closing costs
When finalizing a deal, buyers are often asked by sellers to pay the closing cost, which can be a percentage of the home's total value. In addition, there are numerous fees to consider, including home appraisals, document preparation fees and lien release fees.

Unexpected additions
Costs associated with children, or the need to buy a car, can unexpectedly rise and cause financial strain. Homebuyers should take a close look at their finances and lifestyles when looking to purchase property.

Home Loan Investment Bank offers its clients a range of helpful residential lending options, including FHA loans. Consumers hoping to pursue the path to homeownership could greatly benefit from contacting the trusted organization.