There are many costs associated with buying a home. When you find a property you love, remember you must pay more than the price you and the home seller agree to. The team at Re/Max Homes & Hills Realty in Black River Falls, WI, has helped people throughout the region complete real estate transactions and explains expenses to keep in mind when you set your budget.
5 Fees to Expect When Buying a Home
Many mortgage insurance companies require a home inspection, but you should get one even if yours doesn’t. An inspection can reveal expensive issues with the property, such as a failing roof or old electrical wiring, that might affect your decision to buy it. Most inspections cost a few hundred dollars.
A survey will determine the boundaries of your property precisely. Some mortgage lenders require a survey, but it’s also worthwhile to gain knowledge of the plot of land you’re buying, especially if you intend to construct an addition or fence. A property survey typically costs about $200.
Most people know they must pay property taxes, but many don’t realize they might need to prepay a portion at the close of escrow when they’re buying a home. A small tax service fee will ensure they’re paid through the appropriate date.
During this part of escrow, an appraiser will determine the market value of your real estate purchase. The cost of an appraisal depends on the value of the property.
Other Closing Costs
A range of other expenses must be paid during the closing, such as government recording fees and title services. Community-related costs also could apply, so discuss them with your Realtor to get an idea of the total.
An experienced and dedicated real estate agent will ensure you face no surprise fees when you’re buying a home. If you're looking for a property in Jackson County, WI, contact Re/Max Homes & Hills Realty in Black River Falls at (715) 284-0610 to arrange a consultation. Their experts will make the process easier and more enjoyable. Visit their website for information about their office and check their Facebook and Twitter accounts for news about their latest listings.