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Cost Considerations for Homebuyers

When it comes to buying a home it is important to keep in mind that the purchase price of the home is not the only thing that will effect your bank account. So here are some great cost consideration reminders provided by the Texas Associations of Realtors* to make sure your budget is well prepared for the home buying process.

couple looking at their dream house


Property taxes can take a big bite from your housing budget. Keep in mind that your taxes could vary significantly from prior tax bills on the property. The previous owner may have enjoyed exemptions for which you don’t qualify, such as those for seniors or veterans with a disability. Also, a 10% cap on property appraisal values for homesteads will not stay in place when the property changes hands.


Most lenders will require you to obtain homeowners insurance. Even if you pay cash for your home, insurance will protect you from losses due to disasters and accidents. Many factors determine the cost of your insurance, including deductible amounts, whether you want—or are required—to get flood coverage, the materials and location of the home, and more.

Homeowner Associations

Monthly fees for homeowner associations can be less than $100 or more than $1,000. Before you buy a home in an area with a homeowners association, find out whether the HOA is mandatory or voluntary, what amenities the HOA provides, and how much the fees are.

Repairs, Remodeling, Maintenance

Many homebuyers make frequent trips to big-box stores after moving in. The cost of new furnishings and remodeling projects can add up quickly. Don’t forget to also factor into your budget any major items in need of repair—like a new roof or AC unit—and the ongoing costs to keep your home in good shape.

As are realtor founded title company our staff at Willow Bend Title can assist you in answering and discussing the various costs associated with buying and owning a home. Be sure to reach out to us with any questions or concerns you may have so your budget is fully prepared on closing day.

*This blog was provided by the Texas Association of Realtors, a state-level realtor association in Texas that advocates for realtors and private property rights.


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