Most second-time home buyers understand that there are additional costs on top of the purchase price that can occur during the home buying process. These costs vary greatly and are based on the condition of a property or requirements from outside agencies such as lenders and lawyers. The last thing you need when purchasing your dream home are unbudgeted costs cropping up right before you are able to close and take possession.
To help you prepare for your big move, we’ve prepared a list of common extra costs that come with buying a home in Southwest Florida.
1.) Appraisal Fees
Some lending institutions request an appraisal of the property you are purchasing. If the property requires a new appraisal, the cost is something that you are responsible for as a buyer. Appraisal fees can vary from $175 – $300.
2.) Survey Fees
Your lender might also request an updated property survey if the property doesn’t have one on record, or it is outdated. Costs for surveys vary based on the property, but most usually fall between $700 – $1,000.
3.) Property Taxes
Depending on the downpayment, a lending institution may include property taxes in your monthly mortgage payments.
4.) Property Insurance
Home insurance is required for a minimum of 80% of your homes value. Policies vary based on home structure, features and location.
5.) Home Inspection
Depending on the need and arrangement, buyers might be responsible for the costs of a home inspection. Prices for inspection vary between $300 – $500 based on size and location.
6.) Maintenance or Association Fees
Some condominiums, gated communities and golf communities charge monthly association fees for common area maintenance and upkeep. Costs vary depending on each association.