We know buying a home can be confusing, so we want to answer your most frequently asked questions and share a few helpful tips. Today we’ll cover a big question, “How much will this transaction cost?” Of course, you’ll have to pay the purchase price, but what other expenses can you expect?
If you opt for a home inspection, there are several inspection fees to consider. Each one has a price tag between $75 and $500. If you need an appraisal, that may cost you upwards of $500. You’ll have to pay these expenses before you even own the property, but they are worth the cost if you’re committed to the home.
You will also have to pay a few fees to start the mortgage process, including an origination fee, homeowners insurance, escrow, property taxes, and title insurance. If the property is located in the city, you may have to pay some city fees. If the house is part of a homeowners association, you may have to pay an entry fee and a monthly, quarterly, or annual HOA fee in the future.
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It is always best to consult with a real estate professional before purchasing.
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Finally, there will also be paperwork fees to transfer the property to you. There is a Pennsylvania transfer tax of about 1%. You’ll need to factor in document preparation fees, notary fees, courier fees, and a small fee to record the new deed at the courthouse. If you choose to purchase a foreclosure or short sale, there may be money due because of back taxes, liens, or other judgments on the property.
It is always best to consult with a real estate professional before purchasing. They can help you understand what costs to expect, estimate the amounts for each cost, and spot any errors.
We can cover every circumstance today, so if you have any questions, feel free to call us at 717-695-3177 or email us at info@joydaniels.com. Our buyer specialists are ready to help make your next home a reality.
