Most Common Fees Associated With Buying A Home

Dated: 08/01/2016

Views: 346

Image title

Before buying a home be sure to save for these items! 

Downpayment: Many folks think you need 20% down to purchase a home, that is not always the case. There are all types of options including 0% down. Different loan options are available based on your income, credit score, debt to income ratio, etc. The best way to find out what you qualify for and how much down payment you will need is to chat with a mortgage lender. This is the first step (and the most important) in your journey to home ownership. 

Closing Cost: This will vary based on the sales price of the home but we typically see closing cost around 2.5% - 3% of the sales price (give or take). If you're curious on the breakdown contact me and I can send you a more detailed summary.

Earnest Money (EMD): Along with the sales contract, the EMD is a buyer's way of showing that they're serious about purchasing the home. The money is held to protect the seller's interest. Typically we see an EMD around 1%-2% of the sales price. This money is credited back to the buyer at closing. 

Home & Radon Inspection: Although this is not a requirement I highly recommend that all buyers get a home and radon inspection. This allows you to walk the home with your agent and home inspector to determine that all items are functioning normally (HVAC, washer/dryer, stove, etc) and gives you a chance to learn how your new home operates. Additionally, if there are issues, you can address those with the selling side to determine a solution or if you're going to move forward with the purchase. A home inspection typically cost $350-$550 depending on the size of the home. Radon Inspections run $140-$150. For more info on home inspections, click here. For more info on Radon, click here. You may have additional inspections if the home has a well, septic, pool, etc. 

Moving Expenses: The cost can vary. If you have a large home with a lot of "stuff" it can run you thousands of dollars. Across town versus across country can be even more. I recommend getting a few quotes to make sure you are getting a fair price and always make sure they have insurance! If you decide to pay your friends in pizza and beer for helping you move understand that things may break!:)

If you have any questions or would like to set up a home search to see what's out there. Text/Call/Email @ melody.visser@exprealty.com or 703-785-8203


SEARCH FOR HOMES HERE

Melody Visser

Melody Hall Visser is a passionate Realtor who lists, sells, and dwells in Northern Virginia. Currently, she serves as a Real Estate Consultant at eXp Realty, LLC. Melody also is the Co-founder of Lou....

Want to Advertise on this Site?

Latest Blog Posts

Dream Car Garage Home With Many Features

This Estate home has everything for every member of the family.  -Both Attached Garage and Detached heated garage with lift-Workshop-1st floor Master or Main level In-law Suite-In-Ground

Read More

July 2017 Loudoun County Market Trends Report Inventory Continues To Tighten Sales Growth Stabilizes

July 2017 Loudoun County Market Trends Report: Inventory Continues to Tighten; Sales Growth Stabilizes Prepared for the Dulles Area Association of REALTORS® by the Center for Regional

Read More

Millennial Homeownership Rate Increases

Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the

Read More

COASTAL LIVING IN VIRGINIA BEACH CHESAPEAKE AND NORFOLK ITS A LIFESTYLE

I get a lot of inquires about living in Hampton Roads ..... Coastal Virginia.  Our metro area is large and consist of 7 cities.  Virginia Beach is the largest City by population in,

Read More