Usually, home buyers don’t know what to expect when budgeting and planning ahead for the costs of homeownership. There are some smaller fees mixed into a home purchase that can get overlooked, but they still add up. HouseLogic.com recently featured some of the lesser-known fees to homeownership that buyers should budget for, including:
Home inspection
- Typical cost: $300 to $500
A home inspection can help buyers spot any structural or other conditional problems with the home before they buy.
Appraisal fee
- Typical cost: $200 to $425
This report goes to the lender to make sure the property that they’re buying is worth the amount they’re paying.
Title services
- Typical cost: $150 to $400
This cost covers a title search of the public records on the property, as well as notary fees, government filing fees, and some additional items.
Survey report
- Typical cost: $150 to $400
This report will outline the property’s boundaries.
Application fees
- Typical cost: $75 to $300
The lender will run a credit report and charge an application fee before approving anyone for a loan. Lenders can provide a breakdown of the application fees so that buyers are aware of all the costs.
Visit HouseLogic.com and share the full article with your clients about these lesser-known costs of buying a home.Source: “8 Lesser-Known Fees That Factor Into the True Cost of Home Buying,” HouseLogic.com (December 2018)
