How to Avoid 13 Extra Costs When Buying a New Home

Anonymous
Wednesday, December 4, 2019
How to Avoid 13 Extra Costs When Buying a New Home

How to Avoid 13 Extra Costs When Buying a New Home


Scottsdale - Whether you're looking to buy your first home, or trading up to a larger one, there are many home
buying costs - on top of the purchase price - that you must figure into your calculation of affordability.
These extra costs of buying home, such as taxes and other additional fees, could surprise you with an unwanted
financial nightmare on closing day if you're not informed and prepared.
Some of these home buying hidden costs are one-time fixed payments, while others represent an ongoing monthly
or yearly commitment. While not all of these first time home buying 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 start off, here are 5 of the 13 extra home buying costs that you should know about right now.

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. Property Insurance
Home insurance covers the replacement value of your home (structure and contents). Your lending institution will
request proof that you are insured as it protects their investment on the loan.

4. Maintenance Fees
Condos charge monthly fees for common area maintenance such as groundskeeping and carpet cleaning in
hallways. Costs will vary depending on the building.

5. Land Transfer Tax
This tax is applied whenever property changes hands and the amount that is applied can vary.
So, these are just 5 out of the 13 to draw attention to this very important topic. If you wanted to view all of the 13
home buying hidden costs, I have put together a free report entitled “13 Extra Costs to Be Aware of Before Buying a
Home" which explains the first time home buying costs in more detail.

You can grab a copy of this report for free by visiting http://www.toddgulinsonrealtor.com/ or you can give me a call
at 1-844-310-9514. 
Thanks a lot for reading this week’s blog and may you find a way to your new home!
Todd Guilinson
Your Home Sold Guaranteed or I’ll Buy It* - If you or anyone who know is considering on making a move, feel free to
give me a call or pass on my number! 1-844-310-9514.