December 15, 2017 | Carla Bethell
I am sure you have thought about saving for your down payment, but there are some other costs associated with purchasing a home that you will need to consider.
Closing costs: These typically include insurance and taxes that are paid ahead, loan origination fees, private mortgage insurance if applicable, attorney and bank fees. Each loan and lender is different, so you should ask your lender for an estimate of these costs so you are prepared.
Earnest money deposits : these will be held in escrow and will go towards your down payment , but they are funds should have readily available. Typically buyers put $1000 down with the offer and 3-10% of the purchase price with the purchase and sale.
Home inspections: the cost will vary based on the size of the home and the inspector. They can range from $450- $650. Most will offer other tests for an additional charge, radon or well tests for example.
Appraisal : The cost will vary based on your lender but an average range is $400-$600.
Moving: Don't forget at the end, you will be moving into your new home, so plan for moving costs. These can vary greatly if you are going to pack your SUV and gather your friends and family to help or if you are going to hire out the moving process.
Be sure to leave some reserves so that you are not under stress when it's time for your big move!
Feel free to call us with any questions about the home purchasing process.
Thank you,
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