My Blog

Hidden Fees to Be Aware of When Purchasing a Home


Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget.

  1. Home inspection. This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to $500 depending on the home and the location.
  2. Title services. Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.
  3. Appraisal fee. Before getting a loan, you will likely be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can land anywhere between $300 and $1,000, depending on the size of the home.
  4. HOA fees. Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month.
  5. Taxes. The taxes each buyer pays at the closing table differ, but it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.crop_sm_money_1.jpg

What to Repair Before You List

When you're getting ready to list your home, it's of the upmost importance to ensure you are showing it in the best light.  Taking time to highlight its strengths and fix up some of its possible weaknesses can make a big difference in how fast it sells.  Here are our top five recommended repairs to make before selling your home.

1.  Repaint Walls - Giving your home a fresh coat of paint is one of the most cost-effective ways to spruce it up, and generally, it can be a do-it-yourself project.  Make sure to cover walls with scratches and chips and consider updating any accent walls with a more neutral coat.
2.  Repair floors - Hardwood floors are a very desirable feature in a home, so you want to ensure they look their best by fixing scratched or dull areas.  If your carpet is worn or stained, consider replacing them.  And don't forget the tile in your kitchen or bathrooms.  Re-grouting can go a long way in making dingy tile work look brand new!
3.  Refresh the landscaping - Show buyers your home in the full package by dressing up the outside as well as the inside.  Clean walkways and driveways, plant seasonal flowers and plants, trim hedges and trees, install outdoor decor pieces and fill in mulch and gravel.
4.  Fix your fixtures - Leaky faucet?  Rusted drains?  Loose drawer handle?  Making these small fixes can make a big difference to potential buyers with detail-oriented minds.  
5.  Improve your kitchen - An outdated kitchen can be a real eyesore in home.  Updating cabinetry, repairing or replacing countertops, and installing new faucets and sinks may be worth the investment.

Page:  of 000  |