Published December 19, 2018
The Extra Housing Costs: How to Prep Your Buyers
Usually, home buyers don’t know what to expect when budgeting and planning ahead for the costs of homeownership. There are some smaller fees mixed into a home purchase that can get overlooked, but they still add up. HouseLogic.com recently featured some of the lesser-known fees to homeownership that buyers should budget for, including:
Home inspection
- Typical cost: $300 to $500
A home inspection can help buyers spot any structural or other conditional problems with the home before they buy.
Appraisal fee
- Typical cost: $200 to $425
This report goes to the lender to make sure the property that they’re buying is worth the amount they’re paying.
Title services
- Typical cost: $150 to $400
This cost covers a title search of the public records on the property, as well as notary fees, government filing fees, and some additional items.
Survey report
- Typical cost: $150 to $400
This report will outline the property’s boundaries.
Application fees
- Typical cost: $75 to $300
The lender will run a credit report and charge an application fee before approving anyone for a loan. Lenders can provide a breakdown of the application fees so that buyers are aware of all the costs.
Thinking of buying a home? Contact us today!
Source:
“8 Lesser-Known Fees That Factor Into the True Cost of Home Buying,” HouseLogic.com (December 2018)
Realtor®Magazine.com
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