Five Hidden Costs of Home Buying
A home is an amazing asset that continues to appreciate in value. However, there are costs associated with buying and maintaining a home. We put together a quick list of some of the most common expenses you might encounter when buying a home in Naples Florida.
Home Inspections
First, home inspections. We recommend that every buyer have a home inspection but sometimes in a “hot” market, buyers are foregoing having inspections. The inspections can include the general home inspection, mold, pool, radon, wind mitigation and anything else you’d like to know more about in your new prospective home.
Closing Costs
Second, closing costs. When you purchase a home, the closing costs if you’re paying cash are usually around 1-1.5% of the sales price. This is for documentary stamps on the deed, title insurance and some other standard charges. If you’re getting a loan, the closing costs can vary from 2-5% of the loan amount as the lender you choose will have several requirements such as a survey, appraisal and underwriting fees that you’ll have to pay at closing.
Moving Costs
Third, moving costs. The national average to move less than 100 miles is about $1500 however, if it’s a long distance move it can cost you between $3500 to $12000 depending on the mover, amount of belongings and distance.
Renovations
Fourth, you may want to make renovations that you want to make to the property. The first year is usually when most homebuyers pay up for new furniture, appliances and home repairs as they settle into their new homes. It’s important to have a Realtor with a large network to help you manage these expenses by referring you to reliable contractors and service people.
Recurring Fees
Fifth, recurring fees. Once you’re in your home, there will be recurring annual fees such as homeowners insurance, flood insurance, taxes and the usual monthlies such as water, electric etc.
It’s important to make sure that when you’re buying that you budget for the additional expenses so that you’re not surprised and that your home ownership experience is a good one. We’re here to help you get prepared and make it not only fun but easy. Let us put our expertise and market knowledge to work for you. Call 239.293.0246 to find out more.
BUYSELLNAPLESREALESTATE.COMREVIEWS OF MIKE & ANNA
OVER 500+ HOMES SOLD IN SW FLORIDA
Michael Bryant Direct: 239.293.0246
8950 FONTANA DEL SOL WAY SUITE 100
NAPLES FL 34109
2021 Bronze Team Award
2011-2021 Downing Frye Outstanding Performance Award
SELLING 40-50+ PROPERTIES EVERY YEAR
Previously Top 2% Coldwell Banker Agents Nationwide
