Its been a while. My fault. I have been busier than I could have ever imagined this year.
This has been a topic that I have been wanting to write about for a long time because it is such a crucial one that people sometimes do not know about as a buyer.
There a few things that should be considered when you are getting ready to buy a home. Have as much money saved as you can!! I know this probably seems obvious but there items that come up that are additional and things that happen that could cause you to pay more than you wanted to.
What do I mean above?
There are costs like:
1. Home inspection - I always, always recommend this. You can anticipate that you will spend anywhere from about $250-$450 depending on the size of the home.
Also depending on the year you may also need a 4 point and wind mitigation to help reduce your insurance quote. This is usually another $150-$250
2. If the home has a Septic and well system - I always recommend that you have it pumped and inspected to make sure there are no issues. This usually cost around $350-$550
3. Wood Frame homes - Again, its always highly recommended that you perform a termite inspection on a woof frame home. They typically run anywhere from $95-$200
4. Survey - There are cases where you may be required by your lender to order a survey. This one varies so widely depending the size of lot or acreage. It can be anywhere from $250-$2,000. It honestly just depends on what you are buying.
5. Appraisal - If you are going through a lender they are always going to require an appraisal and this typically runs about $400-$600
6. Insurance Premiums - Many lenders will require a year in advance payment on your insurance.
I see so many buyers who are unprepared for these costs associated with buying a home. Which is the main reason I am writing these blog post.
As always anything can happen with a deal and these are costs that you may be taking a risk on, without closing. So it is so important to have a cushion.
Until next time.
Happy Buying! :)