Cost of Home Buying
o Loan Application Fee or Appraisal Fee - $300-$500 average (Non refundable and generally paid at time of application with a personal check.)
o Earnest Money check - 1% of the offer price generally with a minimum of $500 (You get this back as a credit when you close on the house. But you will lose it if you default on the contract. Paid at time of accepted offer with personal check.)
o Inspection Fee - $500-$2000 depending on size of home and how many inspections you have completed (You will start with a general inspection, but you may find you also need a structural, mold or a roof specialist inspection. Paid in advance of the home inspection usually with a credit card.)
o Closing Costs – usually about 3% of the purchase price (Sometime you can ask the seller to pay these on your behalf, but that usually means they factor it into the purchase price of the home. Paid at closing via a wire to the attorney.)
o Down Payment – depending on what loan product you are using anywhere from 0%-20% of the purchase price usually (Paid at closing via a wire to the attorney.)
Remember these are just some of the cost associated with purchasing a home. You will also have utility hook up costs or deposits, moving truck or moving company costs along with an assortment of other various costs when moving whether you are buying or renting.
As your go-to real estate team we hope this has helped to shed some light on the costs you need to be prepared to pay when buying a home. Call / Text / Email us with specific questions or to get started with the home buying process.