Your Real Estate Company!

Hidden Fees To Be Aware of When Purchasing a Home

Dated: July 15 2021

Views: 3

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.

  1. Home inspection. This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to $500 depending on the home and the location.
  2. 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.
  3. Appraisal fee. Before getting a loan, you will likely 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 land anywhere between $300 and $1,000, depending on the size of the home.
  4. 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 are around $200 per month.
  5. Taxes. The taxes each buyer pays at the closing table differ, but it is not uncommon for it 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.
Blog author image

Marilyn Johnson

As a realtor who has lived in the area for over twenty years, I bring a wealth of knowledge and expertise about buying and selling real estate here. Properties are not the same everywhere, so you need....

Latest Blog Posts

Create the Office of Your Dreams

CREATE THE HOME OFFICE OF YOUR DREAMSWhether you work full-time at home or occasionally need to conduct business in the evenings or on the weekends, a home office a great way to utilize an extra.

Read More

The Difference Between a Home Warranty and Homeowner's Insurance

When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your

Read More

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

Read More

Spruce Up Your Unfinished Basement

Spruce Up Your Unfinished Basement!Although currently dimly lit and a little rough on the eyes, your unfinished basement stillhas a lot of potential. With just a little love and the help of the

Read More