Buying a new home in Forney, Texas, can be an exciting step toward homeownership. With its affordable housing, modern communities, and proximity to Dallas, Forney is an appealing choice for first-time buyers and families alike. However, beyond the purchase price, there are hidden costs that many buyers might overlook. Understanding these costs can help you budget effectively and avoid surprises after closing. Here’s what you need to know about the hidden costs of buying a new home in Forney.
1. Property Taxes
Texas has no state income tax, but property taxes are higher than the national average. In Forney:
Property tax rates range from 2.5% to 3% of the home’s assessed value, depending on the location and school district.
Taxes are calculated annually but are often included in your monthly mortgage payments through escrow.
New construction homes may have initially lower property taxes, as they’re assessed on land value during the building phase. However, taxes typically increase once the home is fully constructed and reassessed.
Tip: Factor the full assessed tax rate into your budget to avoid surprises.
2. Homeowner’s Association (HOA) Fees
Most new home communities in Forney, especially master-planned neighborhoods, have HOAs to maintain amenities and community standards.
HOA fees can range from $300 to $1,000 annually, depending on the neighborhood.
These fees cover amenities like pools, parks, landscaping, and event planning.
Tip: Before purchasing, review the HOA rules and fees to ensure they align with your expectations.
3. Closing Costs
Closing costs are additional fees paid at the end of the home-buying process. These typically include:
Loan origination fees.
Title insurance.
Home appraisal and inspection fees.
Attorney fees and recording charges.
Closing costs in Forney can range from 2% to 5% of the home’s purchase price.
Tip: Some builders offer incentives, like covering part of the closing costs, so negotiate when purchasing new construction.
4. Upgrades and Customizations
New construction homes often come with a base price, but many features you see in model homes are upgrades. These can include:
Premium flooring, countertops, and cabinetry.
High-end appliances and fixtures.
Landscaping, fences, or patios.
Costs for upgrades can quickly add thousands to your final price.
Tip: Decide on must-have upgrades before signing the contract and stick to your budget.
5. Maintenance and Landscaping
While new homes generally require less maintenance, there are still costs to consider:
Landscaping may not be included, meaning you’ll need to budget for grass, trees, or shrubs.
Irrigation systems are often an additional expense.
Ongoing maintenance, such as HVAC servicing and pest control, will still be necessary.
Tip: Ask the builder what’s included in the base price and budget for any additional work needed to finish your home’s exterior.
6. Utilities and Energy Costs
Forney’s new homes are typically energy-efficient, but utility costs can still be significant, especially during hot Texas summers. Budget for:
Electricity: $150–$300 per month depending on home size and usage.
Water and sewer services: $50–$100 per month.
Internet and cable: Plans start at $50–$100 per month.
Tip: Check if the builder includes smart home features or energy-efficient appliances to reduce ongoing utility costs.
7. Moving Costs
Relocating to your new home involves expenses like:
Hiring movers or renting a truck.
Packing supplies.
Utility connection fees.
Moving costs can range from $500 to $3,000 depending on the distance and services required.
Tip: Get quotes from multiple moving companies to find the best deal.
8. Furniture and Decor
Filling your new home can be a significant expense:
Larger homes often require more furniture than you currently own.
Window treatments, rugs, and wall art add up quickly.
Tip: Plan to furnish your home gradually to avoid overspending upfront.
9. Insurance
In addition to homeowners insurance, consider:
Flood insurance: While not always required, some areas of Forney may benefit from it due to weather patterns.
Builder’s warranty insurance: Covers defects in materials or workmanship for a set period.
Tip: Shop around for insurance providers to find competitive rates.
10. Commuting Costs
If you work in Dallas or another nearby city, commuting expenses add up:
Gasoline and toll road costs can range from $100 to $300 per month, depending on distance and frequency.
Vehicle wear and tear should also be factored in.
Tip: Explore carpooling or public transportation options if available.
How to Prepare for These Hidden Costs
Set a Realistic Budget: Account for these additional expenses when determining how much home you can afford.
Work with a Local Agent: A Forney-based real estate agent can help you navigate these costs and find the best value for your money.
Ask Questions: Always ask the builder or seller for a detailed list of included features, fees, and potential future costs.
Save for Unexpected Expenses: Set aside an emergency fund to cover surprises during or after the move.
Conclusion
Buying a new home in Forney is an exciting journey, but understanding the hidden costs is key to a successful purchase. By preparing for expenses like property taxes, HOA fees, upgrades, and maintenance, you can confidently navigate the home-buying process and enjoy everything Forney has to offer. With proper planning, your dream home is within reach!...🏡🔑💼
Please call us at 469-269-6541 for more details about Forney and available homes in Forney!
About us: Forney New Construction Expert Real Estate Agent
As a Top Real Estate Professional in Forney, I understand the challenges that arise when buying a new construction home. There are over 100 builders in the DFW area. I work with most of the new home builders in Forney and understand how various builders operate. I am familiar with the options they offer, current incentives and I frequently visit the upcoming communities they are building. I guide my clients through all steps of the new home construction process and aggressively protect their interests in the transaction.
As a holder of top real estate industry certifications and designations like CRS, ABR & GRI, I can offer my clients experience as a Buyer's Agent and REALTOR®, top Industry Customer Service, in-depth, up-to-the-minute and comprehensive market knowledge; honesty, integrity, dedication, and professionalism in my business.
Whether you are a first time buyer in Forney looking to buy a home whether you are relocating to Forney from California or moving your entire family from areas like San Francisco, Fremont, Palo Alto, Los Angeles, San Diego in California due to job transfer with your company, I can help you find a new construction home in Forney. Our relocation team eases the transition - whether you are moving across town or across the globe. We will work with you to find an area that best suits your professional, family and lifestyle needs. We have all the tools you need to help your home search. Whether it is video previews of homes, extended work hours, digital signatures for documents or more, we can make this process as comfortable as possible no matter where you are located.
What is most important to you in your new construction home in Forney? Send us an email at info@NitinGuptaDFW.com or give us a call at (469) 269-6541 to schedule a no obligation consultation. We’ll give you honest advice about Forney that you can use to help make your home buying decision.