Hidden Fees to be Aware of when Purchasing a Home
Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don’t forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget.
Home inspection – This is a crucial step in the home buying process. The findings that come from the inspection can identify the condition of the home and maintenance or repairs that may be needed in the future. Generally, you can expect to pay between $300 to $500 depending on the home and the location.
Title services – Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.
Appraisal fee – When getting a loan, you will be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can be anywhere between $300 and $1,000, depending on the size of the home.
HOA fees – Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees begin around $200 per month but can be much more depending the amenities of the community.
Taxes – The taxes each buyer pays at the closing table differ, but it is not uncommon for an escrow account to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.
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Larry and Ann
“My goal is listening to your Real Estate wants and needs then fulfilling them.” call or text me @ 941-993-3125
RE/MAX Site: (link opens in new window) LarrySellsSarasota.com
Larry
