Finance Monthly - May 2023

Finance Monthly. 39 Business & Economy These fees can quickly pile up, and if you don’t have enough cash secured to cover these costs, you’ll end up running into short-term financial problems. Covering additional costs Aside from the above-mentioned fees you still perhaps have to pay, there may be additional costs such as maintenance, repairs, and installations that can drive up homeownership costs. Often new homeowners are dumbfounded when they notice the amount of maintenance and repairs they have to pay for when moving into a new home, especially if it’s an older property. Paying for contractors to fix and update certain fixtures, or even coughing up a couple of dollars to fix small items yourself will need to be properly budgeted for when offering to buy a house all cash. The room for error in this instance might also limit your financial options. Final thoughts While it’s not impossible to purchase a home all cash, those who are well off enough to do so will find that while there may be a lot of advantages to it - it does come with its obstacles as well. Whatever you end up deciding to do, make sure that you are well aware of the repercussions that come with buying house cash, and what you will need to budget for to ensure you can cover unforeseen costs. 31.9% of U.S. homebuyers paid for purchases in all cash in October 2022. An increase from for the same recorded period a year before 29.9% 78% of homebuyers financed their purchases with either a private loan or Federal-backed loan efforts Between July 2021 and June 2022, roughly

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