13 Extra Costs to Be Aware of Before Buying a Home!
1. Appraisal Fee
2. Property Taxes
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.
3. Survey Fee
4. Property Insurance
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.
5. Service Charges
Any new utility that services your hook up, such as telephone or cable, may require an installation fee.
6. Legal Fees
7. Mortgage Loan Insurance Fee
8. Mortgage Brokers Fee
9. Moving Costs
- $50-$100/hour for a van and 3 movers, and
- 10-20% higher during peak demand seasons.
10. Maintenance Fees
11. Water Quality and Quality Certification
12. Local Improvements
If the town you live in has made local improvements (such as the addition of sewers or sidewalks), it could impact a property’s taxes†by thousands of dollars.
13. Land Transfer Tax
If you are looking to buy or sell in the Northern Virginia area, this is a great time! Please give our team a call! We would love to help you find your dream home!
Jennifer Young Homes
Keller Williams Realty