Ever heard of buyer’s remorse? We’ve all experienced it at
some point in our lives – the sense of regret after having made a purchase.
Maybe it was buying that car, that TV, or that really cute sundress you saw in
Or, maybe it was the purchase of your new home. Ouch. That one might be harder to deal
If you’re a real estate agent, it would be in your best
interest to help and guide your clients to fully understand all of the fees
that are associated with owning a home, so your clients feel prepared and ready
for the transaction.
According to a new survey from Bankrate, 63% of millennial
homeowners – more than any other generation – expressed
buyer’s remorse after the purchase of their homes. 20% of those with
remorse were surprised by maintenance expenses and other costs corresponding to
While these fees will vary from person to person and state
to state, it’s important to clarify the costs on the table so they don’t feel
While these aren’t required, they are highly recommended in
the industry. An average inspection may cost anywhere from $300 to $500. Inspections
can help uncover any problems with the home and prevent more costly repairs in
Financial experts recommend setting aside 2-5% of the
purchase price for closing costs, and they must be available on closing day.
This fee covers a variety of things, like notary services, title company search
fees, attorney expenses, real estate transfer taxes, insurance premiums, and
more. These will vary by state and property.
It is recommended to put aside 1% of a home’s value per year
for any unexpected maintenance expenses. For example, a $300,000 home would
mean budgeting $3,000.
While this might be the last thing on your client’s mind,
moving adds up too. If they’re planning to hire a moving company or renting a
truck, they’ll want to allocate this into their upcoming expenses.
As a real estate agent, you’ll need to remind
them to speak with their lender and bank to fully understand their financial
planning. But, that doesn’t mean you can’t help guide them on some of the
upcoming fees associated with purchasing a home.