Jan 01, 2014
Every one of us has a basic understanding of what it take s to purchase a home. For instance, most of us are aware that there is usually a down payment required and that usually you have to secure an appraisal that will get you the loan amount you need.
But there are other hidden home buying costs that a lot of home buyers are not aware of.
Today, I’m going to share with you five of the biggest home buying costs that are you may not be aware of.
Wake County Real Estate for Sale
Here are five hidden costs to purchasing a home in Wake County:
Earnest Deposit. While this is actually a part of your down payment, it’s actually given much earlier in the process. This deposit communicates to the seller that you are in fact serious about the property. Typically, it’s about 1 percent of the value of the property’s sale price. It is worth noting, however, that since this is a deposit, it means that you can get money that money back later on if the deal falls through.
Home inspection. While some buyers may be tempted to skip this expense altogether, it actually behooves you to pay for an inspection. This will reveal to you any glaring issues with the home that you might not have been aware of. These inspections typically cost between $300 and $500.
Renovations. Your dream home might still need items repaired or replaced. And if there seller’s not willing to cover that in the contract, you may end up doing it on your own dime. A safe bet to go by is that renovations will total about 1 percent of your purchase price.
Move-In costs. You won’t just magically teleport to your new home with all of your belongings. This is going to take time and money. So make sure to factor it in to your budget. This may include purchasing boxes to hiring a moving company. Remember, the farther you’re moving geographically, the more money it’s going to cost.
New interior amenities. This may include appliances like your refrigerator to new utilities like hooking up the cable-TV/Internet. After all, it’s not a given that every home sold is going to come with these items. So factor it in to your budget.
Investing in a Wake County Home for Sale
As you can see, home buying is a lot less straight forward than it seems at first blush for many first-time home buyers (and even repeat buyers).
That’s why it really pays dividends to work with a qualified and experienced local real estate agent.
Speaking of which, as a seasoned REALTOR®, I’ve worked in such local markets as:
- Apex, NC
- Cary, NC
- Raleigh, NC
- And others!
Until next time,