What Will It Really Cost To Buy A Home?

All transactions are different and unique; however, the following are “out-of-pocket” costs that are generally associated with the process of buying a home. While some of these costs may be incorporated into the closing costs and due at closing, it is probably prudent to expect to pay the items in bold at the time of service by either check or credit card.

Consistent & Expected Costs:

Earnest Money – due at the time of offer……………….

1-5% of Offer Amount

Down Payment – paid at closing…………………………

0%-20% of Purchase Price

Lender Fees - paid at closing……………………………

1-3% of Loan Amount

Appraisal – paid at tome of loan application……………

$300-$500

Home Inspection – paid directly to inspector………...

$300-$800+

Termite/Pest Inspection – paid at closing……………….

$75-$200

Lawyer Fees – paid at closing……………………………

$500-$1000

Survey – paid at closing…………………………………..

$400+

Home Warranty – paid at closing………………………..

$400-$600

Specific Situational Costs:

Well Inspection – paid to inspector…………………….

$150-$300

Septic Inspection / Pumping – paid at time of service….

$200-260 / $120-$200

Radon Inspection – paid to inspector………………….

$75

Mold Testing – paid to inspector……………………….

$100-1000

HOA Transfer Fees – paid at closing…………………….

$100-$300

Structural Engineer – paid to engineer………………..

$500-$1000

Home Re-Inspection – paid directly to inspector………..

$135-$200

Structural Engineer – paid to engineer………………

$500-$1000

Note:

– These costs are not representative of all potential expenses expected a in real estate transaction.

– Some of these costs will vary depending on the age and condition of the home.

– Some of these costs may be included into the loan amount depending on the type of loan obtained and with approval from your specific lender.

– Some of these costs may be paid by the Seller as part of agreed upon negotiations and with sepcific approval from your lender.