Buying a Home
Getting Ready to Buy:
Understand there are many potential costs of buying a home, here is a list of some potential and required charges:
- Deposit - Have about 5% of the purchase price available.
- Mortgage Application Fee - varies from lender to lender.
- Mortgage Loan Insurance - If you have less than 20% down this is a required fee.
- Mortgage Life Insurance - The least expensive is a “Term Life Option”
- Home and Termite Inspection - You could waive it, however, this $400 - $700 is well spent.
- Land Survey Fees - may be required from your lender.
- Appraisal - Some lenders charge this to the buyer, usually around $300.
- Realtor Fees - a charge from the brokerage company could be anywhere from $300 - $500
- Commissions - This is usually paid by the seller.
- Title Insurance - Could be paid by either party.
- Hazard or Flood Insurance - May be required.
- If in an HOA there may be transfer fees.
- Prepaid contracts - if applicable
- Special Assessments - if applicable
- Property Transfer Tax - Required
- Closing Fees - Varies by Title Company
Congratulations you bought a home, now what?:
You have the Keys now where do you go from here:
- Put in for a change of address at Post Office, Banks, Credit Cards, Drivers License, etc…
- Change the Locks. Don’t just rekey, take this time to update all locks.
- Moving Expense - Depends on how much stuff.you have and how much help you’re getting.
- Home Insurance - An independent insurance broker can help you find the right policy to protect or replace your stuff.
- Exterior/Interior Upkeep - Garden Supplies, Plumbers number for emergencies, new roof, etc, you will pay unless you have Insurance protection.
- Replace the filters, including Aeration filters in the kitchen and bathroom spigots, the vent above the stove and all air filters.