Whether you're looking at buying your first Utah home or
trading up to a larger one, there are many costs - on top of
the purchase price - that you must figure into your
calculation of affordability. These extra fees, such as
taxes and other additional costs, could surprise you with an
unwanted financial nightmare on closing day if you're not
informed and prepared.
Some of these costs are one-time fixed payments, while
others represent an ongoing monthly or yearly commitment.
While not all of these costs will apply in every situation,
it's better to know about them ahead of time so you can
budget properly.
Here are some of the extra costs:
- Appraisal fees can be as high as $350 and are
often required by the lender.
- Property taxes are an inevitable cost of buying
a home. You can usually pay them in installments.
- Survey fees are usually optional when buying a
home in Utah County.
- Property insurance covers the replacement value
of the structure of your home and its contents.
- Title fees cover the cost of title insurance,
funding fee, doc prep, overnight Fed/Ex fees,
recording, etc.
- A home inspection can cost between $300 and $400
(although this figure can be higher for larger, more
expensive homes).
- The cost of getting the loan with the lender.
These fees can vary greatly depending on your
lender.
Please ask
Team Teasdale for reputable lenders in the Utah
County area.
Remember, buying a home in Utah County is a major milestone;
and whether it's your first, second or tenth, there are many
small but important details, not to mention stress and
excitement, to deal with during the process.
The last thing you need is unbudgeted financial obligations
in the hours before you take possession of your new home.