A home buyer myth as a first time home buyer or an experienced home buyer is that your only homebuying expense to prepare for is your down payment. Down payments are not the only expense you should be planning for. See below for some of the typical homebuying expenses.

There are costs for inspections:

Working with an experienced real estate agent that has quality vendor referrals is very important in the home buying process. Typical home inspections include full home inspection, radon testing, sewer scope and run about $800-$1000 total. Since all of these inspections are very important to protect the buyer from inheriting any expensive repairs, none of them are worth skipping because of cost. Without a doubt, you want to research your inspector choice! It’s important to find an inspector that reports back with photos and clear explanations of their findings and recommendations. If you need a referral, reach out to us.

There are lending fees:

There are some lending fees that your mortgage loan may include such as

• credit report fees

• lender’s fee to do business, like a funding fee.

• admin fee, or origination fee, and, sometimes points which is a cost to buy down the interest rate.

In addition, there are also pre-paids the lender will collect at closing. This will be a collection of a portion of property taxes and homeowners insurance. These fees combined can range from 3%-5% of the home purchase cost. 

In conclusion, there are a lot of other things that need to be planned for as a home buyer. You don’t need to stress! We can help you be prepared, answer any questions you have and put you in the best position to get your offer accepted. In addition, we will always look out for our client’s best interests. Have questions still? Send us a message!

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