5 Hidden Costs When Buying a Home
If you’re interested in buying a home in the Ocala area, you should know that there are 13 hidden costs that homebuyers overlook when purchasing a home. Some of these hidden costs of buying a house are recurring while others are a one-time payments. These costs can significantly impact your budget by costing you thousands of dollars a year.
Along with industry experts, we’ve created a special report titled “13 Extra Costs to Be Aware of Before Buying a Home”. To access this special report, complete the form below.
To give you an idea of some of the hidden costs you might encounter, here are 5 of the most common hidden costs:
- Moving Costs
- Local Improvements
Hidden Cost #1: Insurance
There are two types of insurance that you will be responsible for: property insurance and mortgage loan insurance.
Property insurance covers the replacement value of your home, both in the contents and the structure itself. You are required by your lending institution to have property insurance.
Mortgage loan insurance, on the other hand, may or may not come into play. If so, the total cost will be between 0.5% and 3.5% of the total mortgage amount. These payments are typically made monthly.
Hidden Cost #2: Taxes
You should also consider property taxes and land transfer taxes.
Your lending institution may include your property taxes in your monthly mortgage payments.
A land transfer tax is payable whenever real estate changes ownership.
Hidden Cost #3: Fees
There are several fees that you may be responsible for. These include the appraisal fee, survey fee, and maintenance fee.
Your lending institution may require an appraisal. If so, you’ll pay between $175 – $300 to get the appraisal completed.
Resale homes may be required to have a survey. The cost can vary between $700 – $1,000.
A maintenance fee only applies to condos. This charge is for maintaining common areas and is charged monthly.
Hidden Cost #4: Moving Costs
Moving costs will eat up a significant part of your budget. You can in the range of $100 an hour for movers and a van. These costs increase by up to 20% during peak seasons.
Hidden Cost #5: Local Improvements
If the area you’re moving to has recently made improvements such as the addition of a sidewalk, your property taxes could increase by thousands a year.
As you can see, hidden costs add up quickly. Don’t be caught off guard by hidden costs when buying a house in Ocala – request a copy of your free report today.
To get access to our special report “13 Extra Costs to Be Aware of Before Buying a Home”, complete the form below. For more information on how Your Home Sold Guaranteed Realty - Coldwell Real Estate Services can help you buy your next home, call us at 352-209-0000, contact us here, or fill in your information below.