How much a $300,000 house actually costs will surprise you | GMA Digital

published on July 9, 2020

The median home price in the unitedstates is 230 000for purposes of this video we'rerounding up slightly to 300000 and we're gonna take you throughsome of the hidden coststhat you're gonna have to face at

Closingfirst let's start with the closing costsit's usually betweentwo and a half percent to five percentof your home's valuethat's going to be between seven and a

Half and fifteen thousand dollarsyou may think that's a lot of money andit is there are also a lot ofelements that go into that so appraisalfeeshome inspections sometimes included

Sometimes not either way you're going tohave to pay for itcredit reports lawyers fees and usuallywhen you close on your home you pay thefirst yearof your homeowners insurance you have to

Have that in case of a firea flood or a burglarythe second cost moving fees unless youhave family and friendswilling to work for beer and pizza andyou don't have a lot of gear

You're probably gonna have to use amoving companyusually it's between three and fivethousand dollarsobviously the farther away you go andthe more gear and furniture you have

The higher the quote from the movers isgoing to benext there's home inspectionit's about 500you have to know the condition of thehome that you're buying you have to know

About the electrical systems theplumbingthe foundation is it cracked is theredampness are there pestsis there mold there are a ton ofquestions you need to know the answers

Fourth cost title insurance titleinsurance can be anywhere betweenfive hundred dollars and thirty fivehundred dollarsthis protects you let's say you closedon the house the crazy uncle phil of the

Seller comes out of the woodwork andsaysi inherited this house if you have titleinsuranceyou are protectedfinally the last hidden cost a slush

Fund a savings account for your houseideally somewhere around ten thousanddollarsmost experts will tell you maybe a yearin the furnace breaks or some other bigproject that you really need a chunk of

Change to manageit's so much easier if you have alreadyput that asideso much less stress for you so addall of this up and you're looking atupwards of twenty one thousand dollars

Of course this depends on where you liveand how much your moving costs will beso think about this when you're buying a300 000 homebe prepared at closing to pay about 21000 on top of all else

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