Hidden costs when buying a house: Expenses many forget.

The illusion of equity capital

When thinking about buying a house, most families focus solely on saving the minimum, like the 10% (or 15%, in some cases) of the property value required for the down payment. However, the home acquisition process and formalization of the housing credit carry a set of 'hidden costs' that arise in the first few weeks.

If there is not enough liquidity to support these expenses, the process may stall halfway, putting at risk the money already advanced in the promise contract.

Bank commissions and property evaluation.

Before the bank says the final 'yes', you will have to pay the process expenses. The dossier commission and the property evaluation are charged right at the beginning, whether the credit is approved or not. We are talking about values ​​that can range from 500 to 1,000 euros, depending on the financial institution.

Furthermore, at the time of writing, you will have to bear the costs of the notary, mutual registration, and taxes, which cannot be diluted in the installment.

How to prepare the wallet for the process

To avoid last-minute financial panic, consider these rules:

• Count on a 20% savings: Instead of only saving 10% or 15% of the down payment, aim to have about 20% of the house value.

• Request the Standardized Information Sheet (SIS): Carefully read all the fees charged by the bank.

• Leave room for changes: Remember that you will need money for the move and small repairs.

Planning is the antidote to surprises.

Buying a house requires a strong and detailed financial planning. Knowing all the items and not focusing only on the monthly installments is the only way to ensure a smooth process until the key delivery.

Want to ensure you choose the bank with fewer initial fees?

Talk to the experts at Poupança no Minuto. We help compare proposals and find the best housing credit with the best conditions and lower process costs.