HIDDEN FEES TO BE AWARE OF WHEN PURCHASING A HOME

Dated: July 25 2022

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Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase than the price of the home. Here are 5 fees to keep in mind as you begin to budget.

  1. Home inspection. This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $275 to $500 depending on the home and the location and the inspection company.
  2. Title services. Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.
  3. Appraisal fee. Before getting a loan, you will likely be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can land anywhere between $300 and $1,000, depending on the size of the home.
  4. HOA fees. Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. HOA fees range from $50 a year to $200 a month so you need to factor that into the home you are looking at purchasing,
  5. Taxes. The taxes each buyer pays at the closing table differ, but it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.  To end on a bright note, in Idaho we have a homeowners exemption on the first $125,000 of value on your primary residence!!!
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Clayton Clark

It's no secret that Clayton Clark loves his life. What's not to love? A passion for real estate, a love of the great outdoors and most of all, being a Dad, these are just a few of the things that defi....

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