Home Buyer Cost

Perhaps one of the biggest sources of stress when making a move is unexpected cost.

  • Unless you are paying cash, your lending institution will require an appraisal. Sometimes if there has been a recent appraisal on the home you intend to purchase you maybe can use it, but I wouldn’t count on it. $400+
  • You will probably be required to pay for updated survey. Exceptions might be made on a new home or if you negotiated the seller pays this item. $750+
  • You will be required to have and probably pay for a homeowners insurance policy for one year in advance if you plan on having a mortgage. This may be credited back to you if lender allows you to roll in this cost. Exceptions might be made for land purchase. Cost depends on the value of the home.
  • Consider utilities and other hookup charges.
  • Lenders with also require title search and insurance to protect you and them against any future claims on your property. Depends on the purchase price.
  • If you are not putting at least 20% down you will probably have to pay mortgage insurance either upfront, monthly, or often both. Included in mortgage but important to consider.
  • Some mortgage brokers charge an origination fee, admin fees, or points. These fees are disclosed on the good faith estimate as required by law, but even still they can be easy to miss or misunderstand if not properly explained.
  • Consider storage and moving cost.
  • HOA monthly fees and sometimes initial contributions.
  • Local government may charge improvement taxes on to you.
  • Transfer Taxes which vary by county.
  • Luckily many of these costs are outlined specifically in the good faith estimate which is required by law to be provided to you by your lender. Also there are now specific tolerances for many of these items to which the lender cannot exceed once quoted.