Budgeting for buying a home can be difficult enough when you're just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of them are one-time expenses that you'll pay during the home buying process, while others will be recurring costs for as long as you own the home.
There are several smaller fees that add up to a rather large sum when you're going through the closing process-loan fees, escrow fees, underwriting fees, and more. They typically add up to 2-3% of the purchase price. For a $300,000 home that's in the neighborhood of $12,000, so be sure to budget for it.
Your lender will require an appraisal, and the appraisal fee (a few hundred dollars) comes out of your pocket.
The roughly $500 hundred dollars you'll pay for a home inspection is money well spent, but it's something you have to keep in mind during the purchase process. You'll have the peace of mind of knowing the house is free from any major issues, and you're making a smart, solid investment.
Although homeowners insurance isn't legally required, it'll almost certainly be required by your lender. Further insurance, such as flood insurance, may also be required (depending on your location).
Home Owners Association
If you're living in a property or community with shared spaces, you'll almost certainly have an HOA fee. This pays for things like trash removal, maintenance of common areas, and for recreational facilities like gyms and swimming pools.
Author:Toby Jackson Phone: 415-627-8200 Dated: May 11th 2017 Views: 323 About Toby: I suspect that like a lot of people from outside the bay area who moved here, my love affair with Sa...
View our latest blog posts in your RSS reader. Click here to access.
Established by the visionary John Barbagelata in 1952, Barbagelata Real Estate has become a premier agency throughout San Francisco and now the Bay Area. Our foundation of success is never forgetting the client experience is paramount to anything else. We offer a fresh, innovative approach with deep knowledge and expertise of our local markets. Our proven team of agents represents some of the top producers in the industry and we are affiliated (via Luxury Real Estate) with over 5,000 offices internationally.
Thank you from our owners: Paul Barbagelata, Broker & Anna Barbagelata, Associate Broker.
Before you dive into replacing your windows, the first step is to care
" Their combined experience and knowledge was overwhelmingly apparent as was their willingness to go the extra mile. We have yet to start the process of buying a new home but when we do, our first stop will be Barbagelata Real Estate!"