Thursday, September 26, 2019 / by Mario Daniel Sconza
Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared.
Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. While not all of these costs will apply in every situation, it's better to know about them ahead of time so you can budget properly.
Remember, buying a home is a major milestone, and whether it's your first, second or tenth, there are many small but important details, not to mention stress and excitement, to deal with during the process. The last thing you need are unbudgeted financial obligations in the hours before you take possession of your new home.
To help homebuyers understand what these extra costs are, and in what situations they may apply, a free industry report has been prepared called "13 Extra Costs to Be Aware of Before Buying a Home."
1. Appraisal Fee
Your lending institution may request an appraisal of the property which would be your responsibility to pay for. Appraisals can vary in price from approximately $175 – $300.
2. Property Taxes
Depending on your downpayment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.
3. Survey Fee
When the home you purchase is a resale (vs a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $700-$1,000.
Get and Read through the complete checklist to make sure you’re budgeting properly for your next move. To order a FREE Special Report, visit www.mariodanielsconza.com or to hear a brief recorded message about how to order your FREE copy of this report call toll-free 1-800-369-9973 and enter 1008. You can call any time, 24 hours a day, 7 days a week. You can also text me at 416 230 3476