Last week I spoke about the mortgage approval process in this post. This week I would like to discuss how much it costs to buy a home. There are fees you may not be aware of prior to starting the home buying process, but you need to be prepared for them. So how much does buying a home cost?
The cost of the home itself is not what this post is about. Your purchase price will be decided on after negotiations are completed on both sides of the transaction. After the contract is completed, the mortgage process starts, and the other costs of buying a home start presenting themselves.
The first thing that will come up is the home inspection. A home may have problems that you can’t see. A home inspection protects you from these things. You don’t want to chance purchasing a home that has major problems. Home inspections vary in cost, but are generally between $300 and $600. I can help you find a home inspector if you don’t have one already.
The next item that will come up as a cost of buying a home are the closing costs and fees. These can include appraisal fees, title searches, and other fees for closing on the loan. Closing costs can sometimes be covered by the seller, but if not, they can sometimes be rolled into your mortgage if that option is available to you. Your agent and loan officer will have all of these details for you, but it is something you need to understand when it is time to close on your loan. If you have questions about these fees, don’t hesitate to ask!
One other cost of buying a home can be a home warranty if you choose one. This is sometimes offered by the seller to cover the appliances, and maybe other items in the home, depending on the policy. Home warranties can average anywhere from $300 to $500 per year. If you want a home warranty, but don’t want to pay for it, be sure to talk to your agent about asking for it to be covered by the seller.
Are you prepared for the financial impact of buying a home? I can help you figure it out if you aren’t sure. You can call me, Drew Spears, at any time at (817) 807-5195. You can also visit my website to see homes that are currently available.
Author:Drew Spears Phone: 817-807-5195 Dated: May 15th 2018 Views: 85 About Drew: I have lived in the DFW area my entire life. I absolutely love this area and enjoy helping families ...
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