Hidden Fees to Be Aware of When Purchasing a Home

Hidden Fees to Be Aware of When Purchasing a Home

 

Purchasing a home is arguably one of the biggest financial decisions you’ll make in your lifetime. If the time is right for you to buy a home, as you start your home search, don’t forget there will be other costs associated with your purchase outside of the price of the home.

The DaVinci Realty team has pooled together the 5 fees to keep in mind as you begin to budget. Check them out below.

Home Inspection
This is a crucial step in the home-buying process. The findings that come from the inspection can help you negotiate prices and repairs. Generally, you can expect to pay between $300 to $500 depending on the home and the location.

Title Services
Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure that 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.

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.

HOA Fees
Many communities around Denver, Colorado have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month.

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.

Now that you know about these five fees, you’re one step closer to preparing to find your dream home! Next, we suggest hiring a qualified, experienced real estate professional to ensure a smooth process. If you’re located or looking for a home in the Denver, Colorado area, DaVinci Realty is the best the city has to offer. Contact us today – we can’t wait to help you find and secure your dream home!

 

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