Silvestri Properties

What Does It Really Cost to Purchase a Home?

by Laura Silvestri 11/01/2019

The cost of buying a house extends beyond a seller's initial asking price. In fact, there are many "hidden" costs that buyers need to consider as they decide whether to purchase a house, such as:

1. Closing Costs

There are various closing costs that a buyer may encounter before he or she finalizes a house purchase, including survey, appraisal and wire transfer fees. As such, it generally is a good idea to prepare for these costs prior to launching a house search. Because if you prepare for closing costs, you can ensure that you have the finances available to cover these expenses when you are ready to complete a house purchase.

Oftentimes, it helps to meet with banks and credit unions prior to starting a home search. These financial institutions can help you get pre-approved for a mortgage and teach you about home closing costs. Best of all, after you get a mortgage, you can start your home search with the financing you need to secure your ideal residence.

2. Property Taxes

Property taxes usually are assessed twice a year, and they vary based on state and county. However, if you learn about property taxes, you can map out your homebuying budget accordingly.

Real estate property tax information is part of the public record. Thus, you can access information about property taxes related to a particular home before you purchase it. And once you have this information at your disposal, you can use it to determine whether to move forward with a house purchase or continue your search for your dream home.

3. Inspections/Survey

There are several inspections a buyer may need to hire. The first and most important Home Inspection by a licensed inspector, can cost upwards of $450. If the home inspector finds anything worth taking a closer look at, a buyer may choose to call a specialist. These specialty inspections can add another $90 for each. It is the best money ever spent if your buyer finds a deal breaker. 

Some states require surveys, most agents and attorneys reccomend them, depending on the size of the lot, the price of a survey will increase. In rural ares, lot lines may have changed and not been updated in the records. As they say "Buyer Beware" 

4. Utilities

Utility bills vary based on the size of a home, its location and other factors. If you devote time and resources to estimate your utility expenses, you may be better equipped than ever before to make an informed home purchase.

To assess your potential utility costs, you may want to consult with a seller's agent. This professional may be able to provide you with insights into the current homeowner's utility expenses to help you budget appropriately.

It never hurts to hire a real estate agent to help you navigate the homebuying journey, too. A real estate agent can offer expert insights into closing costs, property taxes and other homebuying fees, as well as help you quickly discover your dream residence.

Let's not forget about the comprehensive homebuying guidance that a real estate agent can provide, either. For instance, if you are unsure about whether to submit an offer to purchase a house, a real estate agent can offer recommendations and tips to help you make the best-possible decision. Or, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to respond to them.

For those who want to buy a house, it helps to learn about all of the potential costs associated with a home purchase. If you start budgeting for a home purchase today, you could accelerate your quest to find and buy your ideal residence.

 

Be sure to prepare your client from the start that buying a home will require some upfront cash as well as cash to close, but well worth it!

About the Author
Author

Laura Silvestri

 Silvestri Properties is a family owned boutique real estate company, offering close connectivity and privacy to each of our clients. With 25 years of experience in sales and new construction, designing and remodeling, renovation and investing, We can make sure all areas of your real estate needs and desires are well understood and executed. We work closely with a team of local professionals from appraisals, staging, inspecting, building, banking, all the way to closing and beyond. We have worked hard to keep our business small and personal.

The Triangle area is growing and incorporating the best that living and learning has to offer. Duke University and UNC Chapel Hill, public and private schools, 5 star restaurants, nature preserves and trails, local agriculture, art and history, top rated golf courses and team sports. If your looking in the area, you have found home. There is something for everyone and I love this place!

Buying or selling real estate coupled with the high demands of modern life,  can be overwhelming, allow us to make your next move a dream come true.