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13 Extra Costs To Consider Before Buying a Home

Purchasing a home can be an exciting time, but it’s important to remember that there are other costs to consider before buying a home. Homeownership is not all about the price alone. Use this checklist to guarantee that your budget is on track for your upcoming move.

Your Home Sold Guaranteed Realty - The Salas Team

Understanding the True Cost of Homeownership

Taxes and additional fees, for example, can catch you off guard and turn your dream home into a financial nightmare on closing day. Some costs are one-time payments, while others will require a monthly or yearly commitment. Keep in mind that not all costs will apply to every situation, but it’s still important to be aware of them in order to budget properly.

Home buying is a significant milestone, and it’s crucial that you address all the important details throughout the process. The last thing you want is to be hit with unexpected financial obligations just hours before you take possession of your new home. By gaining a clear understanding of these extra costs, you can make informed decisions and plan your finances wisely, ensuring a more secure and enjoyable homeownership experience.

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13 Extra Costs to Keep in Mind Before Homeownership

Appraisal Fee

If your lending institution requires an appraisal of the property, it will be your responsibility to cover the cost. Appraisal fees can range from around $175 to $300 depending on the provider.

Property Taxes

It’s important to know that your lending institution might include your property taxes in your monthly mortgage payments, depending on the amount of your downpayment. If your monthly payments don’t include property taxes, you may be required to provide annual confirmation of tax payment to your lending institution.

Survey Fee

If you’re buying a resale home, your lending institution may request an updated property survey, which may cost anywhere from $700 to $1,000.

Property Insurance

Home insurance provides coverage for the replacement value of your home’s structure and contents. It’s important to note that your lending institution will require proof of insurance as it safeguards their investment on the loan.

Service Charges

Keep in mind that installation fees may apply for any new utilities, such as telephone or cable, that are added to your service.

No matter how straightforward a home purchase may seem, it’s always best to have a lawyer review the paperwork. Remember that lawyer rates can vary depending on the complexity of the issues and the lawyer’s experience, so it’s wise to shop around.

Mortgage Loan Insurance Fee

Mortgages that require mortgage loan insurance are dependent on the equity of your home. This insurance typically costs between 0.5% – 3.5% of the total mortgage amount, with monthly payments in addition to your mortgage and tax payment.

Mortgage Brokers Fee

It’s common for a mortgage broker to charge a fee for their services in finding a lender and organizing financing. However, it’s worth comparing different brokers, as many offer their services at no cost to you by having the lending institution bear the expense.

Moving Costs

The cost for a professional mover can cost you in the range of:

  • $50-$100/hour for a van and 3 movers, and
  • 10-20% higher during peak demand seasons.

Maintenance Fees

If you are planning to buy a Condominium, it requires monthly fees to maintain communal areas like grounds and hallways. Costs will differ depending on the building.

Water Quality and Quality Certification

If your home relies on a well for water, it’s worth considering having it inspected by local professionals. You may be charged a fee for assessing the water’s quantity and quality depending on your location.

Local Improvements

Local improvements like adding sidewalks or sewers to your town can significantly impact your property’s taxes by thousands of dollars.

Land Transfer Tax

Whenever there is a change in property ownership, a tax is imposed, and the amount can fluctuate.

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Shelly Salas Can Help You With All Your Real Estate Needs

From selling houses fast for top dollar to helping you buy your dream home for a great deal, I know what it takes to make your real estate journey a success.

Additionally, at Your Home Sold Guaranteed Realty – The Salas Team, you’re not just another client. Each home-seller or homebuyer receives world-class personal customer service

With my vast knowledge of the real estate market, I can help you buy or sell your home stress-free. My tips and guidance will get your home sold fast, for top dollar, and with the least amount of hassle. Don’t just take my word for it – my record of selling more homes than any other agent in Killeen speaks for itself. Call Shelly Salas Today at 254-223-SOLD or fill out the form located at the bottom of this page to get started!

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To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!

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