In a recent survey, 80% of real estate experts reported that buyers are often misinformed about costs beyond the down payment, with 31% of recent buyers agreeing.
Many homebuyers underestimate the total costs of purchasing a home, believing they only need to save for the down payment, leading to financial surprises.
Experts highlight the importance of understanding all upfront expenses in the home-buying process, as unforeseen costs can create challenges for buyers.
As homebuyers approach the purchase, those aiming for a 20% down payment may find they could actually save significantly less and still proceed.
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