Do you want to build a website or start a blog? Well, the first thing you’ll need to consider is getting a domain name. The domain name is essentially your brand name, but how much is a domain name? Are there any hidden fees to consider when buying a domain name?
Now I don’t have a solid number for you because there are many factors that can change the actual cost of a domain name. For example, if someone already owns a domain name, you’ll probably have to spend more money to acquire it.
Also, some names are worth more than others. For example, Insurance.com will most definitely cost more than InsuranceX1.com.
On average though, a brand new domain name will cost you anywhere from $10-$15.00 per year depending on the registrar you choose and how long you decide to pay for the registration contract.
In this article, I’ll go in more detail as to why some domain names are more expensive than others. I’ll also go the average costs and hidden fees to look out for. Without further ado, let’s get started!
The Two Types Of Domain Names That Varies In Price
#1. An Old Domain Name Can Be Expensive
After brainstorming a list of potential domain names, you might find that some might have already been taken. Yesterday, I went over how to find out who owns a domain name to help you purchase one that is already taken.
Keep in mind, this option can be quite expensive, so only do it if you have spare money to spend. For this very reason, I don’t recommend this option for new website owners who are just starting out.
You might get lucky and land yourself a great name for a great deal using Domain name auction services like GoDaddy, but being an auction, you’ll probably have to negotiate back and forth to acquire a domain name.
#2. A New Domain Name Is Cost Effective
A new domain name is the most cost-effective way to acquire a domain name for your website. It’s also the quickest way because domain registrar like GoDaddy will simply sell it to you themselves.
For this reason, I recommend choosing this option if you are just getting started.
Here’s an example of how you can do it using GoDaddy:
- Go to GoDaddy.com
- Search for a domain name that you are interested in
- Wait for GoDaddy to display a list of options along with available domain extensions because you don’t need to have a .COM website
- If you find one that you like, simply purchase it and change the name server to point to your website hosting service provider.
Of if you decide to use my Free WordPress installation service, you can purchase your domain name from Hostgator instead.
What Is The Average Cost Of A Domain Name?
On average, if you choose a new domain name, it will cost anywhere between $10-$15.00 per year. It will also vary depending on the domain extension that is available.
Domain extensions like .COM are usually more expensive compared to extensions like .XYZ, .BIZ, .INFO, etc. That’s because a .COM extension is commonly used and most people recognize it immediately.
Let’s say you have a website with a domain name of smartaffiliatehub, most people will try .COM first before considering anything else.
Here are additional costs to consider:
- Domain Privacy Services: Some registrars will charge extra for adding domain privacy service. This will hide your real information from WHOIS records.
- Renewal Fees: This fee varies from registrar to registrar. When purchasing a new domain name, you’ll also see how much you’ll have to pay annually. Now keep in mind, some do have a price increase upon renewal.
- Transfer Fees: If you decide to transfer your domain name to a different registrar, make sure you understand the fees if you decide to make the switch. Usually, this isn’t too expensive.
And that concludes the average cost of a domain name.
Hidden Fees To Look Out For When Purchasing A Domain Name
When it sounds too good to be true, it usually is. Now, this definitely applies when purchasing a domain name from my experience. So double check for hidden fees before you make the purchase.
Here are some hidden fees to look out for:
- Discounts: Some domain registrars will offer you a huge discount for the first year. What usually happens is, the following years going forward will cost a lot more than the average. Which means, you’re getting a deal upfront, but you’ll pay it all back in the long run and probably more.
- Hidden Fees: Keep in mind, hidden fees are hidden, so you’ll have to dig it up. Often times, you can find out any hidden fees within the terms of service. It doesn’t hurt to take a few extra minutes to find out exactly what they are.
The next time you find an awesome deal like $0.99 for a domain name. Be prepared to find out a ton of hidden fees that can really increase the cost significantly. As long as you are careful and understand what you’re getting. Buying a domain is an extremely fun process.
As I mentioned, the cost of a domain name can vary depending on the option you choose. If you decide to go with an old domain name, be prepared to spend upwards of thousands of dollars.
Whereas if you’re okay with a new domain name, it can cost anywhere between $10-$15.00 per year.
Now what really makes a difference when it comes to the true cost of a domain name is renewal fees, hidden fees, etc.
For most people, the best option to take is the new domain name. Just make sure you’re buying it from a reputable source and you’ll have a great experience.
Hopefully, this was helpful! If you have any questions or need help with anything. Please leave a comment down below and I will try my best to help you out!
Which option would you take if you were to buy a domain name now?