Apart from the actual purchase price, there are several other extra costs involved in the home buying process. Thus, before setting out to buy a house, it is important to know these costs in order to calculate how much you can afford. Some of the extra costs are just one time expenses while others imply an ongoing yearly or monthly commitment.
Although, not all these costs would apply in each and every situation, it is good to be on familiar terms with them beforehand, so that you can accurately set a budget for your new house. Remember, purchasing a house is a milestone, so, whether you are a first timer or buying a house for the tenth time, there are copious vital details that you would have to address throughout the process. So, if you do not wish to see un-budgeted financial responsibilities cropping up right after you sign the dotted line and become a proud homeowner, go through the below mentioned list of all the extra costs involved in home buying.
* Appraisal fee - The lending institution, from where you decide to borrow money, may request a house appraisal. It will be your duty to fund the appraisal. So, stay prepared.
* Survey fee - If the house you are planning to buy is not new, but a resale, then your lending agency may ask you for a property survey. Again it will be your duty to pay for it.
* Home insurance - It covers the total replacement price of your house (contents and structure). Your lending agency would request a proof to check if you have home insurance before approving your loan application. Some homes are not insurable, so do make sure that your home purchase contract has a property insurance clause in it.
* Property taxes - As per the down payment for your ฝากขายทาวน์เฮ้าส์ home loan, the lending agency may choose whether or not to include all property related taxes in the monthly loan payments. If these are not included in the monthly loan payments, then the lending agency may need an annual proof from you to check if you have paid the taxes.
* Mortgage broker's payment - Mortgage brokers charge a fee for sourcing a good lender and manage the financing. So, if you want to hire the services of a mortgage broker, then do consider their payment while determining your budget.
* Maintenance or the HOA fees - Some neighborhoods charge a monthly fee for the maintenance of common areas, such as parks, roads within the community etc. So, check out well in advance, if there is any such fee charged in your new neighborhood.
* Moving costs - The cost involved in relocation may depend on a lot of factors, such as the reputation of the company, the quantity of your belongings etc. Besides, whether you choose to move during peak or off season will also affect the moving costs.
These additional fees can shock you with a financial nightmare right on the closing day, in case you are not prepared or informed. So, do keep in mind these additional costs to avoid financial complications in your home buying journey.
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