Home Buying Tip

No one wants to pay too much when they purchase a new home, but it happens. Below is a list of common real estate fees and how much you'll actually be paying. There is no set in stone cost for purchasing a gated home. Every situation is different and your total cost will vary according to your total situation. Any extra fees that you have not considered might be easily encountered when you buy your new home.

Lender fees.

Although many fees are lender specific, there still are some fees that can vary depending on your lender. These include application fees, document preparation fees, appraisal fees and attorneys fees. You can call your lender to find out what you're eligible for and what each of the fees will cost. It is very important to ask all the necessary questions as you can be Cooking Debt after the sale.

Property taxes.

Your lender will tell you up front how much you'll pay for property taxes and your city/county tax burden. You can also talk to a tax assessor and find out your assessed and taxable value. These two figures will be important when you decide if the home is actually worth what the seller is asking. In other words, they can make or break the financial savings of your home.

Home inspection.

A home inspection by a professional is an integral part of a home purchase by most buyers, which is why they pay to have it done. A qualified home inspector will examine the structure, construction and mechanical systems in the home and report back to you. You'll have the inspection done in advance so you will have no surprises, but don't wait until the inspection is completed to decide if you think the home is worth the asking price. In most cases it pays to put in a contingency clause in the contract that requires the seller to reimburse you for some of the money you'll spend to complete needed repairs. It is vital that you use a home inspector that is a friend and has been in the business for a while, because they will know a lot about what is wrong and what will need to be fixed to make the home safe and livable.

Appraisal fees.

When you are purchasing many homes through "We buy homes Atlanta GA", an appraisal by a licensed professional is required based on an accurate market value of the home. When doing an appraisal you will pay between $200 and $400, depending on the type of property and value of the specific comparable homes. They all come and go, but it is vital that you have an appraisal done as soon as possible after you decide to bid on the home. Make a decision about buying a home in the morning after an appraisal is done so it won't cost you $500 to have an association do all those necessary repairs.

Closing costs.

Many people think the title insurance is the cost of buying a home, but that is not the case at all. There are closing costs and a myriad of other expenses that you will need to organize either before the closing or two weeks beforehand so you can complete the deal. Low or no down payment programs, no-document loans and fee-free financing are just a few of the different types of closing costs that may be required. A good down payment is recommended at least 10% of the total cost, which will greatly lower your upfront costs and allow you to pay more of the mortgage payment over time.

Knowing and understanding.

What your real estate agent is charging you to help you purchase your home can save you thousands of dollars. You should always find out exactly what the seller is charging you when you view a potential home to purchase. By forming ears and doing your research, you should find the right home for your family, and find the money you need to by a great home. Virtus Investment Group LLC is the only trusted We Buy Homes Atlanta GA Company.