Homebuyers Overspend by $31,502 on Average
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Homebuyers in recent years faced significantly higher upfront costs than expected, with an average of thirty-one thousand five hundred two dollars, excluding the down payment. The study revealed that moving expenses, closing fees, seller concessions, and first-year repairs contributed to these costs. Repairs were the most surprising expense for eighteen percent of buyers. Three-fourths of buyers reported post-closing regrets, mainly due to underestimating ongoing expenses and not negotiating harder. First-time buyers spent more on average and were more likely to exceed their budget. Overall, buyers believe they could have saved thirty-eight thousand eighty-two dollars each with better planning.
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