Buying a home? Don't forget to save for these 3 costs.
, who often works with first-time homebuyers in their 20s, 30s and 40s.
"People just think the down payment is going to be X amount, when really they need to think about how much the whole process is going to cost," Hudnett Reiss tellsIf you're in the market for a new place to live, Hudnett Reiss suggests stashing money aside for the less-talked-about costs of home ownership before you apply for a mortgage.To be prepared for the home-buying process, you'll need a plan to pay for closing costs and other fees.
You could always use some cash from your down payment fund to cover closing costs, but be sure to calculate how a smaller down payment will impact your mortgage, then weigh the pros and cons. Usually, a higher down payment means better interest rates as well as a lower monthly payment. Move-in costs entail the mundane purchases like paint for touch-ups or wood glue to repair furniture nicks. But you'll also want to set aside the necessary funds to buy the kind of rugs, couches, shelves, window treatments and other furnishings that you want to make your new space feel like home.
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