When you consider the costs of buying and selling a home, it’s a good idea to wait to buy a house until you are sure that you will live there for at least 3 years if not longer. The reason is that the cost to buy and sell a home can be quite high and you will be unlikely to recoup all of your expenses if you only live in your home for a short time.
Some of the expenses you will incur include:
Appraisal fees – Your lender may want you to get your home appraised in order to have an independent assessment of your home’s value. This can cost from $150 to more than $300.
Inspection fees – It’s always a good idea to have a qualified home inspector inspect the home before you commit to making the big purchase. A good inspector will help you to identify problems with plumbing, electrical, the roof, the foundation, and much more. This will help to ensure that you are buying a home that is in good shape. Inspectors vary in price. We paid about $350 for our home inspector when we bought our home. It was worthwhile because it bought us peace of mind.