Buyers Should Prepare for Extra Expenses

Home buyers should be prepared for a bundle of extra costs beyond the mortgage payment.

“Some people walk away from closing with a nickel and a stick of gum, and that’s probably not going to be a good idea,” says Dale Robyn Siegel, president of Circle Mortgage Group, in Harrison, N.Y.

People whose only previous experience is renting often don’t realize how costly water, heating and air conditioning, taxes, and general maintenance can be, says Allan Glass, owner of ASG Real Estate Inc. in Los Angeles.

He estimates that buyers should have at least 1 percent of the purchase price of their home set aside for improvements and other expenses.

Source: MarketWatch, Amy Hoak (12/28/2009)

Author: niaknowles

From Native New Yorker (Brooklyn) to Atlanta Realtor, with a love for architecture and design. Atlanta based Real Estate Consultant working to restore and sell Intown Homes; REO,South West (Westside,West End, Westview Communities 30310,30311,30314,30318 zip codes)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s