Plan On Additional Costs When Buying a Home
It’s a good idea to plan on additional costs when buying a home. There always seems to be at least one surprise cost, and sometimes it’s a deal killer. Often times it sends the buyer scrambling to come up with some unexpected last minute cash!
It doesn’t matter if the home is in Santa Clarita, or anywhere else, buying a home can be full of surprises.
Free Report – 13 Additional Costs When Buying a Home
We’ve prepared a free report helping you to determine what added costs to expect when buying a home. Have a look below, complete the form and feel free to contact us directly with any questions, Matt & Meray Gregory, 661-713-4799.
There are at least 13 additional costs that could occur and home buyers might not have expected or planned these costs in their home buying budget. Some costs might be geographic specific, so it’s recommended to check with your local real estate agent to verify before making a decision to move forward with a purchase.
While we can’t cover all possibilities for additional costs when buying a home in this short post, we do provide a few below. To receive a free report about more costs to consider, please complete the form below and automatically receive an email with the report attached.
For now, here a few helpful tips for homebuyers:
- We highly recommend our buyers pay for and obtain a home inspection. The reasons for this are many, but most real estate professionals agree, it’s great advice! The cost of the inspection varies depending on the location and size of the home, but in our area it costs from $225 to around $350. Whatever the amount, it’s in addition to the down payment. This is worth the additional costs when buying a home.
- Another additional home buyer cost is the property tax. Taxes are usually pro-rated during escrow and often result in an added out of pocket expense for the buyer. The final amount is unknown until the escrow company verifies property taxes paid, and when the next amount is due. Here’s how it works in California. Most homeowners are aware they are responsible to pay the semi annual property taxes. As an example, if the seller has already paid the property taxes for the next six months, and the home buyer takes occupancy at month two, the home buyer must reimburse the seller for those four months already paid. The arrangements are made by the escrow company, but for the home buyer, it’s sometimes a surprise and another unexpected additional expense. These property taxes could be a good chunk of cash!
- Two other costs often come as a surprise. Always ask your realtor if the property you are considering buying comes with special bond assessments, a Mello Roos tax and/or Homeowner’s Association(HOA) Fees. These costs can be quite hefty and must be tacked on to the total monthly payment. If your agent isn’t warning to you of these potential additional costs, you may want to consider finding another real estate agent that is also an Accredited Buyer’s Representative.