Purchasing A Home? Here The Most Important Fees You Should Know About
Are you buying a home?
Have you planned for the fees you will have to pay?
Are you financially prepared for making such a big purchase?
If you are buying a home, here are the homebuyers’ fees you need to be familiar with and be prepared for.
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Down Payment
First things first, you need to be financially prepared for the down payment which is typically 3.5-5% of the sales price of the house. However, if you do not have the means to arrange that, you can also look for options that offer 0% down payment loans. Talking to a mortgage lender is the best thing to do in such circumstances.
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Earnest Money
It may not always be necessary and is not generally considered a fee. It is proof money paid on behalf of the buyer indicating they earnestly desire to buy the home. Many home sellers require this money to make sure the buyer is serious in purchasing the property and thus the seller stops looking for other parties.
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Moving Expense
You need to have some money separated from the rest of the expenses to be saved for the moving expenses you will have to incur to move to the new house. The amount is not fixed as it depends on the number of possessions you have that need to be moved to the new house. This expense tends to rise each year with the costs of moving rising.
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Home Inspection
While it is an optional fee, but we recommend you do not forego it. You, as the homebuyer, should make sure that the property you are buying is first inspected by a professional inspector. This will allow you to address the problems, if any, before you make the final decision and move in the new house. It usually costs around $300-500 for home inspection.
Our experts at Loyal Partner Homes can help you understand the fees and prepare for it before you make the final purchase. Get in touch with us to know more.