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The Cost of Buying a Home


No one likes to be surprised by unexpected fees or costs. There are many costs associated with buying a home and it can seem a little overwhelming.  But, if you know what they are ahead of time you can plan for them.  Being informed about possible expenses can also help you to make sensible and informed decisions

I would like to share some of the costs that you might not think about as a home buyer whether you are first time buyer or seasoned veteran of the process. Our team is dedicated to making sure that there are no surprises while purchasing a home.


  1. Earnest Money – money paid to confirm a contract – Typically 1 to 2% of the purchase price but can be more if you want your offer to look really strong in this competitive market.
  2. Inspections – this is money that is paid for at the time of the inspection to safeguard your purchase.  I also consider this “peace of mind money” since after you receive your inspection reports back from the service providers you can still walk away from a home purchase.
  3. Appraisal – this is a very important safeguard to ensure that the price you are paying for a property is “in line” with those around it in the area.
  4. Survey – even though this is an optional purchase, it is one that is strongly suggested so that you know where you can or cannot build and so that you know exactly where the property lines are as well as any easements that might pertain to the property. There are different types of surveys so make sure you are checking in with your Realtor to find out which one is right for you.
  5. Closing Costs – Amount depends on the type or property you are purchasing and the financing you are using to purchase. Check with your lender for further clarification on what closing costs might be for your purchase.  In a seller’s market, like we are in now, the closing costs can be paid by seller but might require a higher purchase price offer.
  6. HOA FEES – Home Owners Association Fees – these are fees (typically yearly but might vary) that a neighborhood might charge homeowners to live there. These fees typically cover street maintenance, snow removal, common ground care, pools, tennis courts, etc….. This is something that your REALTOR should be communicating with you prior to viewing a home.
  7. Utilities – you always want to budget for service fees to hookup or sign up for your local utilities (gas, electric, sewer, water, propane, cable, telephone, etc)
  8. Home maintenance – as a homeowner you can expect that maintenance items will come up!!!! Budget for things such as: Lawn Care, Pest Treatments, regular maintenance or replacement (HVAC, Roof, Windows, Doors, etc.


These are a few of the things that our team will make sure you are aware of during the home buying process.  If you are looking for more information please email of call and we’d be happy to help.

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