5 HIDDEN FEES TO BE AWARE OF WHEN PURCHASING A HOME

5 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 the purchase of your 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 size 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 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. HOA fees vary from community to community.

5.Taxes.

The taxes each buyer pays at the closing table differ. However it is not uncommon for buyers in Texas to pay a prorated portion of the taxes depending on when closing takes place.

Questions? I'll be happy to schedule a call with you at your convenience to answer any additional questions you may have.

Carmen Buenrostro

Real Estate Broker | Co-Founder

Silverback Realty, LLC

San Antonio & Surrounding

C: 210-712-9068

carmen@silverbackrealtysa.com