Buying your first home in Montgomery County is exciting and there are a few costs that are easy to miss when you are focused on the list price and monthly mortgage estimate.
A helpful first-time buyer checklist includes:
Transfer tax: Pennsylvania’s state rate is 1%, plus a 1% local transfer tax in many transactions. The allocation between buyer and seller is part of the contract conversation.
Township or borough requirements: Depending on where the home is located, there may be resale, sewer, use-and-occupancy, or municipal certificate items to review.
The true monthly cost: Mortgage, property taxes, insurance, utilities, HOA fees if applicable, and maintenance savings.
Your closing-and-moving fund: Inspections, appraisal, lender costs, movers, and those first we need this immediately purchases.
Whether you are looking near Willow Grove, Glenside, or Upper Dublin, the details can vary by property and municipality.
The good news is that none of this has to be a surprise. A clear budget gives first-time buyers room to enjoy the process. What cost surprised you most when you bought your first home?