The sales price of the home listed for sale is not the only cost associated with buying the home. Additional costs include purchasing fees, mortgage fees, title company fees, and home ownership fees. Don't panic! The point of this article is to help familiarize you with some of the most common fees associated with purchasing a home.
Be sure that you are familiar with these fees and budget accordingly!
This is a fee that most buyers are already familiar with and it's an important one; however, many buyers have the misconception that you need 20% down to purchase a home. The truth is, most down payment expenses cost 3.5% to 5% of the sales price. There are even programs that make it possible for buyers to purchase a home with 0% down, but there may be specific requirements for the buyer and/or the property. The best way to find out home much money you will need for your down payment is to talk to a mortgage lender.
2. Earnest Money
Earnest money is something to be aware of because you will need this money readily available when you place a contract on a property. It's basically a buyer's "proof" that they are serious about their intent to purchase. A contract is a great start, but this cash needs to be involved to protect the seller's interest when they take their property off the market.
3. Closing Costs
Closing costs are the second largest expense for home buyers because the fees involved are typically associated with the preparation of a mortgage.
4. Moving Expenses
The cost of moving expenses depends on the quantity and distance of items that you need to move. Typically, first-time home buyers can keep these costs to a minimum simply because they tend to have fewer possessions. Home buyers moving across the country would, of course, demand a much larger expense.
5. Home Inspection
Real estate inspectors determine if there are problems with a property that would need to be addressed before moving forward with a purchase. Real estate contracts allow an inspection period for a potential buyer to have the property inspected by a professional. This is a step in the home buying process that is highly recommended!
6. Post-Purchase Money
Make sure you have additional money set aside after closing. Even if you find the move-in-ready home of your dreams, you will want to change some things. You want this house to feel like your home!
With the information above, you should be able to estimate your extra home buying fees and be prepared ahead of time.
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Chapin, SC is known as "The Capital of Lake Murray" and with good reason. The residents of Chapin enjoy a relaxed lifestyle with the convenience of the city. Columbia, SC is just a quick 20 minute drive and shopping is even closer.You are embarking on an exciting journey, be sure that you find agents that will take time and share your enthusiasm during this process.
EXIT Midlands Realty is a full service real estate firm dedicated to assisting our clients with the purchase and sale of real estate in the Greater Columbia Area. We were founded in 2005 and quickly grew into one of the most innovative and knowledgeable firms in and around Columbia. Our staff is made up of full time professional agents that are dedicated to the profession of listing and selling real estate.
Call one of our experienced agents to assist you with your real estate needs. It would be an honor to work with you.
120 Pacific Avenue$192,400 Single Family 3 Beds, 2 Baths, 1
"I would like a moment to thank Steve Slavich of Exit Midlands Realty for being there for several MONTHS to help me in, firstly, finding a great home in the area north of Columbia, and secondly, getting through the purchase of that home, helping with the many details that needed to be completed to finalize.
I started the process with a realtor from another company in a nearby area. That did not work out nearly as well as I had hoped it would. Thankfully, I turned to Steve to get me through this important time in my life. He is knowledgeable, hardworking, and I grew to trust his advice in my home search. Finally, with his help, I found the right home in the right place.
I highly recommend Steve Slavich as a realtor to anyone.
Thanks again, Steve!"