Closing costs
There are several smaller fees that add up to a rather large sum when you’re going through the closing process—loan fees, attorney fees, underwriting fees, and more. They typically add up to 2–5% of the purchase price. For a $300,000 home—roughly the national median—that’s in the neighborhood of $10,000, so be sure to budget for it.
Appraisal
Your lender will require an appraisal, and the appraisal fee (a few hundred dollars) comes out of your pocket.
Inspection
The few hundred dollars you’ll pay for a home inspection is money well spent, but it’s something you have to keep in mind during the purchase process. You’ll have the peace of mind of knowing the house is free from any major issues, and you’re making a smart, solid investment.
Insurance
Although homeowners insurance isn’t legally required, it’ll almost certainly be required by your lender. Further insurance, such as flood insurance, may also be required (depending on your location).
Home Owners Association
If you’re living in a property or community with shared spaces, you’ll almost certainly have an HOA fee. This pays for things like trash removal, maintenance of common areas, and for recreational facilities like gyms and swimming pools.
www.NakiaEvans.CBintouch.com
Nakia M. Evans, GRI
REALTOR (R)
Associate Broker
Coldwell Banker Residential Brokerage
nakia.evans@CBmove.com
Cell: 443-864-1358
22 Padonia Rd., Ste A-100
Timonium, MD 21093
Office 410-252-2111
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