Hope Leitner, Realtor®, CRS

  Knowing what to budget for when buying a home may feel intimidating — but it doesn’t have to be. By understanding the costs you may encounter upfront, you can take control of the process. Here are just a few things experts say you should be thinking about as you plan ahead. 1. Down Payment Saving for your down payment is likely top of mind. But how much do you really need? A common misconception is that you have to put down 20% of the purchase price. But that’s not necessarily the case. Unless it’s specified by your loan type or lender, you don’t have to. There are some home loan options that require as little as 3.5% or even 0% down. An article from  The Mortgage Reports  explains: "The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals.  If you don’t have a large down payment saved up, don’t worry—there are plenty of options available . . ." A trusted lender will go over the various loa...

  In today’s digital age, it’s tempting to rely on automated tools for everything — including figuring out how much your house is worth. But be careful. The automated estimates you’re seeing online often miss key details that affect the true  market value  of your home. Before you toss a  for sale sign  in your yard and expect to bring in the number you saw for your house online, you need to understand why these tools generally aren’t spot-on and why working with an expert real estate agent is the best way to get an accurate picture of what  your house  is really worth. The Myth: Online Home Value Estimates Are Accurate Online home valuation tools give you an approximate value for your house based on the data that’s publicly available for your home. While this can give you a rough starting point, the keyword here is  rough . As an article from  Ramsey Solutions  says: “Online Home Value Estimators Aren’t 100% Accurate . . .  The est...