For RTS Orlando Faculty and Students
An Online Real Estate and Housing Resource for the Reformed Theological Seminary Community in Orlando.
Brought to you by David Gallup
An Online Real Estate and Housing Resource for the Reformed Theological Seminary Community in Orlando.
Brought to you by David Gallup
Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared.
Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation; however it's better to know about them ahead of time so you can budget properly.
Remember, buying a home is a major milestone. Whether it's your first, second or tenth home, there are many important details to address, during the process. The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home.
Read through the following checklist to make sure you're budgeting properly for your next move.
Your lending institution will request an appraisal of the property which would be your responsibility to pay for. Appraisals can vary in price from approximately $350 - $450.
Depending on your down payment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.
When the home you purchase is a resale (vs. a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $250 - $1,000.
Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan.
Any new utility that services your hook up, such as telephone or cable, may require an installation fee.
Sometimes the simplest of home purchases will require a lawyer to be involved to review all paperwork.
A mortgage broker is entitled to charge you a fee in order to locate the best lender and organize your financing. However, you may choose to pay the fee up front or over time through a higher interest rate.
The cost for a professional mover can cost you in the range of $50-$100/hour for a van and 3 movers, and 10-20% higher during peak demand seasons.
Condos and some Home Owners Associations charge monthly fees for common area maintenance such as grounds keeping and pest control. Costs will vary depending on the community and what services are provided.
If the home you purchased is serviced by a well, you should consider having your water checked by your local experts. Where you live determines whether or not a fee is charged to certify the quantity and quality of the water.
If the town you live in has made local improvements (such as the addition of sewers or sidewalks), this could impact a property's taxes by thousands of dollars.
This tax is applied whenever property changes hands and the amount that is applied is determined by law.
We never want our buyers to be taken by surprise by unexpected fees or the costs associated with purchasing a property. We hope this report has shed new light on items you may not have been expecting or has served as a good reminder of what to expect before you close on your next home.
The Hardworking Nice Guy's Team is Here for You!
I'm David Gallup, your friend in the real estate business - a very resourceful and reliable real estate consultant with RE/MAX 200 Realty. Over the past 27 remarkable years, I've confidently motivated and guided 994 clients in creating financial security for their families by successfully investing in residential property. I lead a fun loving and well trained team of very dedicated and extremely conscientious people who show up each day to serve you at our state-of-the-art facility centrally located in beautiful Winter Park, Florida.
As a result of treating our clients with extraordinary care, over 85 percent of our business comes from those who are working with us on a repeat basis or have been introduced to us by their family and friends. We greatly appreciate the opportunity to serve you.
RE/MAX 200 Realty
Each Office Independently Owned and Operated
954 S. Orlando Ave., Winter Park, FL 32789
(407) 629-6330 x215 or (800) 458-6863 x215
