What are some of the hidden costs of buying a home? There are four different categories you can expect to encounter. The first category of hidden costs involves the title and legal fees. In New Jersey, the typical fee for a real estate attorney is between $1,200 and $1,500. In addition, there will be costs for survey, your mortgage and deed, your title search, and your title insurance premium. The second category involves your mortgage costs. These you should discuss with your lender or mortgage broker in advance of the purchase. These fees will include the application fee, the appraisal for the property, private mortgage insurance, and points on your loan. In addition, it’s also very important to determine what the taxes are for the property that you’re going to purchase, as that will also affect your mortgage.  “Don’t overlook these costs and leave yourself with empty coffers.”The third category involves all the expenses you will incur after your sale price has been agreed upon. Specifically, I’m talking about all of the inspection fees. These will typically include a full home inspection and a radon test. In New Jersey, you’ll also want to do a tank sweep to ensure there are no oil tanks buried under the property that you don’t know about. The last category includes all the extra costs like homeowners insurance and—if you purchase a home in New Jersey over $1 million—a 1% mansion tax on the transaction.It’s important to understand the hidden costs of your transaction so that when you finish buying the home you’ll have money on hand to enjoy living in it and make any future renovations. If you have any questions about this topic or are interested in buying or selling a home, please feel free to reach out to me. I’d love to talk with you!