Whether you are looking to buy your first home, or trading up to a larger one, there are many costs – on top of the purchase price – that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you are not informed and prepared.
Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. While not all these costs will apply in every situation, it is better to know about them ahead of time so you can budget properly.
Remember, buying a home is a major milestone, and whether it is your first, second or tenth, there are many small but important details, not to mention stress and excitement, to deal with during the process. The last thing you need are unbudgeted financial obligations in the hours before you take possession of your new home.
Here are the first 5 of the 13 mistakes you should know about right now.
1. Appraisal Fee – Your lending institution may request an appraisal of the property which would be your responsibility to pay for. Appraisals can vary in price from approximately $300-$500.
2. Property Taxes – Depending on your down payment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.
3. Survey Fee – When the home you purchase is a resale (vs a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $700-$1,000.
4. Property Insurance – Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan.
5. Service Charges –
Any new utility that services your hook up, such as telephone or cable, may require an installation fee.
So there you have the first 5 of the 13 to draw your attention to this important topic, If you would like all 13 of the most costly mistakes to beware of before you buy a home, we have prepared a free report called “13 Extra Costs to Be Aware of Before Buying a Home.”
You can grab a FREE copy of this Special Report, by clicking link below https://yourhomesoldguaranteedrealty-advisors.com/seminar_13costs/ or to hear a brief recorded message call toll-free 1-844-726-4612 and enter 1008. You can call any time, 24 hours a day, 7 days a week.
Get your free special report NOW to make sure you are budgeting properly for your next move.
Thank you for reading this week’s blog and Go Serve Big!!
Hal and Jason
P.S. Your Home Sold Guaranteed or We’ll Buy it* No Gimmicks! For a Free Special Report that details our Guaranteed Sale Program visit https://yourhomesoldguaranteedrealty-advisors.com/guaranteed_sale_program/
Or call 1-844-726-4612 and enter ID# 1045
Remember, your referrals change lives! We donate a portion of our income, on every home sale, to help those who need help the most! When you buy or sell with Your Home Sold Guaranteed Realty Advisors, a Great Worthy Cause Benefits!
If you or anyone you know is considering making a move feel free to give us a call or pass our number along to anyone you think we can help at (718) 412-9975
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