COLLECTION: BUYING A HOME

9 hidden costs of buying a home

If you're considering buying a home, be mindful of these extra expenses when establishing your budget.

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Buying a home isn't just a 20% down payment and a monthly check for the mortgage.

There are a mountain of hidden costs—from closing fees to taxes—that can add up to more than $9,000 each year, real estate marketplace Zillow estimates—and that number will only jump if you live in a major US city.

Business Insider spoke to Zillow's chief economist, Svenja Gudell, about the three big unavoidable costs—homeowners' insurance, property taxes, and utilities—and other common costs that are often overlooked.

If you're considering buying a home, be mindful of these expenses when establishing your budget, Gudell says:

Topics:
  • Home Buying
  • Making a Big Purchase
  • Mortgages
  • Home Buying
  • Making a Big Purchase
  • Mortgages
  • Home Buying
  • Making a Big Purchase
  • Mortgages
  • Home Buying
  • Making a Big Purchase
  • Mortgages
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This article was written by Dylan Roach from Business Insider and was licensed as an article reprint from November 1, 2015. Article copyright 2015 by Business Insider.
The statements and opinions expressed in this article are those of the author. Fidelity Investments cannot guarantee the accuracy or completeness of any statements or data.
This reprint is supplied by Fidelity Brokerage Services LLC, Member NYSE, SIPC.
The third-party provider of the reprint permission and Fidelity Investments are independent entities and not legally affiliated.
The images, graphs, tools, and videos are for illustrative purposes only.
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9 hidden costs of buying a home

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