Buying a home is a big life event, whether it's your first time or 5th time. Even if you're an experienced home buyer, there still may be some things you may forget about when buying a home. Keep these 5 things in mind when buying a home so that nothing surprises you.

Closing Costs

Buying a home is more than the "sticker" price on the For Sale sign. There are added fees such as the closing costs. These usually include things such as loan origination fees, appraisal fees, title searches, title insurance, surveys, deed recording fees, and credit report charges. Talk to your realtor and mortgage broker to find out just what you can expect in the closing costs. 

HOA Fees

Depending on where you buy a home, you may need to pay Home Owner Association Fees (HOA). Your monthly mortgage payment may or may not include these, so be sure to find out what the fees are, what's included, and how often it is paid. Additionally, determine whether this is rolled into your escrow monthly payment (similar to your taxes.)

HOA Rules

Those HOA fees often come with certain perks in a neighborhood, such as recreational facilities. However, there are rules attached as well. Certain HOAs may restrict the paint color or roofing style of your house. Others have rules about lawn maintenance or the number of cars in your driveway. If you plan to make changes to the exterior or have more than 2 drivers in the house, know what the HOA rules are before you buy. 

Home Inspection

If you're new to home buying, you may not think about having a home inspection before you sign on the dotted line. However, that's a key step before you even before you go to closing. Home inspections may play apart in the final offer and concessions or obligations on the seller's part. Perhaps there's a problem with a leaky faucet that the seller needs to fix before you close.

Final Walk-Through

Once again, before you go to closing, make sure you do a final walkthrough of the home. This can be on the day of closing. If the seller had agreed to certain repairs or changes, you'll want to ensure these are done before signing. Once you sign the papers, they may not be obligated to any concessions unless there's a home warranty involved. If you don't feel comfortable about the house on your final walkthrough, it's okay to walk away at this point.

Need more help? Contact a professional at Realty Professionals to start you on your home buying path.