what are the costs involved in buying a house?

Answer 1

Attorney's fees, title insurance, title search fees, loan origination fees, property taxes, homeowners insurance, just to name a few. On average, the fees range at about 3% of the loan amount.

Answer 2

There are obvious costs to buying a house that have been mentioned by the previous posters. The big ones are definately the down payment and the closing costs. Closing costs is the umbrella term for all of the costs associated with finishing the transaction and can include:
appraisal
loan originiation
documentation
title search
title insurance
escrow for taxes and insurance
1st year's insurance
and anything else they can get you to pay (credit reports, FedEx fees, etc.)

So, there are some hidden costs associated with buying a house that become evident once you've done it a few times :-) Since a house is usually free standing the utility costs can be substantially higher than an apartment. The insulation, windows, etc., play a large role on the costs to heat and cool. It is a good idea to ask for a copy of a year's worth of utility bills to get an idea of how much it costs.

A house is usually bigger than the place you are coming from and many people feel a need to fill their new place with furniture. This can be quite expensive. Then there are the items you don't like in the new house, maybe there is carpeting you don't like and want to replace or a light fixture or a (whatever) to be replaced. Generally expect to spend between 1-2% of the value of the house on maintenance and repair (this is a guide, a new roof can be much more and you might go a couple years without really doing anything).

Good luck!

Answer 3

Down payment and closing cost are the standards everything after that is what you might want to get to ease your mind. For example a home warranty or an inspection, by the way I strongly suggest getting both done before buying a home. As the previous poster said closing cost is an umbrella term that covers all that stuff the lender wants you to pay for when securing the loan. There were a lot of things mentioned before that are covered by the seller though so dont let them mislead you.

Answer 4

down payment, closing costs, i'm not sure what else, can't remember.