💰Buying a new home in the US is expensive due to high mortgage rates and inflation.
🏡In addition to the down payment and mortgage, there are hidden costs involved in buying a new home.
💵Hidden costs include private mortgage insurance, earnest money, closing costs, appraisals, inspections, and property taxes.
🔍To avoid private mortgage insurance, aim to put down 20% or more.
💼Sellers should consider a contingent offer when buying a new home to avoid carrying two mortgages.
What are the hidden costs of buying a new home?
—Hidden costs include private mortgage insurance, earnest money, closing costs, appraisals, inspections, and property taxes.
How much should I put down as a down payment?
—It's recommended to put down 5% or more as a down payment, especially for first-time homebuyers.
What should sellers remember when buying a new home?
—Sellers should make sure to sell and close on their previous home before buying a new one, or make a contingent offer.
Which areas are currently hot in the real estate market?
—South Florida and Nashville are currently experiencing a high demand in the real estate market.
Should I take out a home equity loan to finance upgrades?
—It's generally not recommended to take out a home equity loan to finance upgrades, as it can negatively impact your future finances.
00:00Buying a new home in the US can be expensive due to high mortgage rates and inflation.
01:31Hidden costs include private mortgage insurance, earnest money, closing costs, appraisals, inspections, and property taxes.
02:27To avoid private mortgage insurance, aim to put down 20% or more.
03:18Sellers should make sure to sell and close on their previous home before buying a new one, or make a contingent offer.
04:57South Florida and Nashville are currently hot real estate markets.
