12 Extra Costs To Be Aware Of Before Buying A Home
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Transcript of 12 Extra Costs To Be Aware Of Before Buying A Home
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12 Extra Costs To Be Aware Of Before Buying A Home
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“ The last thing you need are
unbudgeted financial obligations cropping up hours before you take possession of your new home. “
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Your lending institution may
request an appraisal of the property which would be
your responsibility to pay for.
1. Appraisal Fee
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Depending on your down-payment and lender you may be required to show
proof that you have paid your taxes
2. Property Taxes
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You may be required to get an updated property
survey
3. Survey Fee
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Home insurance covers the
replacement value of your home (structure and
contents)
4. Property Insurance
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Any new utility that services your hook
up, such as telephone, cable, etc… may require an installation fee.
5. Service Charges
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At the closing there will be fees involved
from the title company that
processes your title work and completes
the closing.
6. Title Closing Fees
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Depending upon the equity in your home,
some mortgages require mortgage loan insurance.
7. Mortgage Loan Insurance Fee
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A mortgage broker is entitled to charge you a fee in order to source a lender and
organize the financing.
8. Mortgage Brokers Fee
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The cost for a professional mover can cost you in the
range of $50 - $100/ hour
9. Moving Costs
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Condos charge monthly fees for
common area maintenance such
as grounds keeping and carpet cleaning
in hallways.
10. Maintenance Fees
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If the home you purchased is
serviced by a well, you should consider having your water checked by your
local experts.
11. Water Quality / Quality Certification
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If the town you live in has made local
improvements (such as the addition of
sewers or sidewalks), it could impact a property’s
taxes.
12. Local Improvements