Many first-time homebuyers make the mistake of thinking that the amount payable to the seller represents the total cost of the real estate transaction. The price paid to the seller is the consideration paid for the house. There are many other expenses that you have to consider before the property can be transferred in your name. If you ignore these expenses, you might find the overall cost of transaction rising beyond your financial capacity.
Appraisal Fee
You probably are aware of the processing fee payable to the mortgage loan provider. However, you should find out clarify whether this fee includes the cost of appraisal of the property. The mortgage loan provider will employ a professional to assess your property and determine its market value. Normally, lenders determine the loan amount on the basis of the market value of the property. This will have an impact on the total loan amount offered by the lender. Since mortgage providers outsource this task to professionals, the appraisal fee may not be included in the closing costs. Make sure you provide for this fee when calculating the cost of the real estate transaction.
Home Inspection Fee
Lenders have the property inspected by a home inspection professional to determine whether it is safe or not. This is done to ensure the lender does not end up financing the purchase of a dangerous structure. Remember, the property will belong to the lender until you repay the loan. Hence, professional inspection is mandatory and this can cost you a few hundred dollars over and above all other costs related to the transaction. You cannot avoid this fee because the lender will not proceed ahead unless the home inspection report is clean.
Pest Inspection Fee
The lender may also insist on conducting an independent pest inspection. This is advisable if you are living in a humid environment where infestations by pests and insects are common. Trying to skip this inspection to save money does not make sense. However, spending a few hundred dollars for this inspection may prove expensive if it is not included in your plans.
Homeowners, Mortgage & Title Insurance
Most buyers include cost of homeowners insurance when calculating home purchase costs. However, you may be required to buy mortgage insurance if you are borrowing more than 80% of value property. If you are offering a 15% down payment, then you may have to include the cost of mortgage insurance as well. You may also have to go in for title insurance. While the cost ทาวน์โฮมมือสอง ราคาถูก of these insurance policies may not be very high, the overall cost of all unanticipated expenses may quickly cross a thousand dollars.
Transfer tax
Many states charge a transfer tax that must be borne by the buyer. The transfer tax is usually determined as a fixed rate per thousand dollars. If tax is charged at one dollar per thousand dollars, then you end up paying a hundred dollars on a $100,000 real estate deal.
If you consider these expenses independently, you will find that the extra expenditure does not exceed a few hundred dollars. However, when you consider the total impact of these expenses on your property transaction, you will discover that your overall cost of transaction may well increase by a few thousand dollars or more.
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