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2824 Manatee Avenue East

Bradenton, Florida 3420

Office: 941.792.2111

Toll Free: 1.800.522.7869

Fax: 941.747.9632

 

 

Before Buying a Home

“13 Extra Costs to be Aware of Before Buying a Home”

 
Whether you’re looking to buy your first home, or trading up to a larger one, there are many costs –on top of the purchase price – that you must figure into the calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you’re not informed and prepared.
 
Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation, however, it’s better to know about them ahead of time so you can budget properly.
 
Remember, buying a home is a major milestone. Whether it’s your first, second or tenth home, there are many important details to address, during the process. The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home.
 
Read through the following check-list to make sure you’re budgeting properly for your next move.
 
“The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home.”
 
1.    Appraisal Fee
Your lending institution may request an appraisal of the property which would be your responsibility to pay for. Appraisals can vary in price from approximately $175 - $300.
 
2.    Property Taxes
Depending on your downpayment, your lending institution may decide to include your property taxes in your monthly mortgage payments.
 
3.    Survey Fee
When the home you purchase is a resale (vs a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $700 - $1000.
 
4.    Property Insurance
Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan.
 
5.   Service Charges
Any new utility that services your hook up, such as telephone or cable, may require an installation fee.
 
6.    Legal Fees
Even the simplest of home purchases should have a lawyer involved to review all paperwork. Shop around, as rates vary greatly depending on the complexity of the issues and the experience of the lawyer.
 
7.    Mortgage Loan Insurance Fee
Depending upon the equity in your home, some mortgages require mortgage loan insurance. This type of insurance will cost you between 0.5% - 3.5% of the total amount of the mortgage. Usually payments are made monthly in addition to your mortgage and tax payment.
 
8.    Mortgage Brokers Fee
A mortgage broker is entitled to charge you a fee in order to source a lender and organize the financing. However, it pays to shop around because many mortgage brokers will provide their services free to you by having the lending institution absorb the cost.
 
9.    Moving Costs
The cost for a professional mover can cost you in the range of :
                   -$50-$100/hour for a van and 3 movers, and
                   -10-20% higher, during peak demand seasons.
 
10.   Maintenance Fees
Condos charge monthly fees for common area maintenance such as grounds keeping and carpet cleaning in hallways. Costs will vary depending on the building.
 
11.   Water Quality and Quality Certification
If the home you purchased is serviced by a well, you should consider having your water checked by your local experts. Depending upon where you live, could determine whether or not a fee is charged, to certify the quantity and quality of water.
 
12.   Local Improvements
If the town you live in has made local improvements (such as the addition of sewers or sidewalks), this could impact a property’s taxes by thousands of dollars.
 
13.  Land Transfer Tax
This tax is applied whenever property changes hands and the amount that is applied can vary.





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Testimonials

My wife and I would like to take this opportunity to recognize Linda Johnston who is with the office at CENTURY 21 All Aces Realty. We had been trying to sell our house in Palmetto for approximately 2 years. Prior to being introduced to Linda, we had used two other real estate agents who were quite ineffective in getting people to look at the house. As soon as we spoke to Linda, we were impresses with her enthusiasm and determination. She immediately gave us ideas on how to list the house to attract prospective buyers. When one idea didn't work, she was innovative and determined to come up with new ideas. Her personality was refreshing and she was always professional. We felt as though we were her only client, although we knew she had others. It was a pleasure working with her and we would recommend her to any seller or buyer. Craig & Felicia Himes
My experience with CENTURY 21 All Aces Realty was remarkable, but my experience with my Agent, Matthew Rotondo was even better. Matt’s willingness to work with my wife and I was truly amazing. Matt took a true interest in our needs and wants as a young couple. Knowing we did not have the money to buy a home that needed lots of work, Matt made sure to find us a home that was move in ready. When it came time to close on our dream home, the house needed a new roof. Matt came through again, he was able to get us our dream home at price we could afford with a new roof. Matt is just a genuine good guy, I don’t know many agents that would actually come over and help you move and work in the yard. Thanks again Matt for helping my family get the house of their dreams. Richard and Lisa Glass
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