Ignite FB Tracking PixelWhat Does It Really Cost to Purchase a Home? - Terry Naber

What Does It Really Cost to Purchase a Home?

by Terry Naber 12/15/2019

The cost of buying a house extends beyond a seller's initial asking price. In fact, there are many "hidden" costs that buyers need to consider as they decide whether to purchase a house, such as:

1. Closing Costs

There are various closing costs that a buyer may encounter before he or she finalizes a house purchase, including survey, appraisal and wire transfer fees. As such, it generally is a good idea to prepare for these costs prior to launching a house search. Because if you prepare for closing costs, you can ensure that you have the finances available to cover these expenses when you are ready to complete a house purchase.

Oftentimes, it helps to meet with banks and credit unions prior to starting a home search. These financial institutions can help you get pre-approved for a mortgage and teach you about home closing costs. Best of all, after you get a mortgage, you can start your home search with the financing you need to secure your ideal residence.

2. Property Taxes

Property taxes usually are assessed twice a year, and they vary based on state and county. However, if you learn about property taxes, you can map out your homebuying budget accordingly.

Real estate property tax information is part of the public record. Thus, you can access information about property taxes related to a particular home before you purchase it. And once you have this information at your disposal, you can use it to determine whether to move forward with a house purchase or continue your search for your dream home.

3. Utilities

Utility bills vary based on the size of a home, its location and other factors. If you devote time and resources to estimate your utility expenses, you may be better equipped than ever before to make an informed home purchase.

To assess your potential utility costs, you may want to consult with a seller's agent. This professional may be able to provide you with insights into the current homeowner's utility expenses to help you budget appropriately.

It never hurts to hire a real estate agent to help you navigate the homebuying journey, too. A real estate agent can offer expert insights into closing costs, property taxes and other homebuying fees, as well as help you quickly discover your dream residence.

Let's not forget about the comprehensive homebuying guidance that a real estate agent can provide, either. For instance, if you are unsure about whether to submit an offer to purchase a house, a real estate agent can offer recommendations and tips to help you make the best-possible decision. Or, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to respond to them.

For those who want to buy a house, it helps to learn about all of the potential costs associated with a home purchase. If you start budgeting for a home purchase today, you could accelerate your quest to find and buy your ideal residence.

About the Author
Author

Terry Naber

Your "Good Neighbor" In Colorado Springs Real Estate Since 1990

Broker Associate (28+ years experience)

Certifications:

  • CRS
  • CDPE
  • LHP
  • MRS
  • CFE
  • MRE
  • CNE
  • IRES
  • SRES

Specializing in

Specialties:

  •  Buyer's Agent
  •  Listing Agent
  •  Relocation
  •  Foreclosure
  •  Senior Real Estate Specialist

Terry is long time resident of Colorado Springs and has been an award-winning licensed Realtor since 1990 when Colorado Springs was "Repo Capital" of the United States.  Getting into the business when most agents were getting out of the business was a challenge, but one that she eagerly embraced because she came in with a different business philosophy of putting her clients interest above all else, serving them with integrity and care, She soon had all the business she could handle from appreciative buyers and sellers.  Terry's commitment to being at the top of the profession for her clients has resulted in awards for every year of her 28 years in real estate and several prestigious designations:

  •  RE/MAX Properties 2015 Client Service Award
  •  RE/MAX Lifetime Achievement Award for sales surpassing $100 million
  •  RE/MAX International Hall of Fame Award
  •  The CRS (Certified Residential Specialist designation held by only about 7% of all agents); CDPE-Certified Distressed Property Expert; CNE-Certified Negotiation Expert; RFC-Residential Finance Certification; IRES-International Residential Specialist; LHP-Luxury Home Professional
  • Managing Broker's License

Terry can help you in any phase of Residential Real Estates-buying or selling single family homes; investment properties, luxury properties; town-homes/condos; income properties; new construction and resales; vacant land, short-sales; foreclosures and more.  Call her today for a free consultation 719-590-4796.

Experience, Commitment, Hard Work, Enthusiasm, Integrity, Results

When it comes to a successful real estate transaction, you should have seasoned experienced agent on your side.  Terry is experienced, confident, knowledgeable, and above all, she cares.  Whether you’re selling or buying a home, having an agent of our caliber representing you is invaluable.  She will be your advocate, your advisor and will relentlessly use her expertise to pursue your goals!

Get a positive, helpful partner for buying or selling a home:

  • Trusted resource for answers about the process
  • Innovative marketing strategies
  • Expertise about neighborhood features
  • Ability to target home searches
  • Strong negotiation skills
  • Support through the closing and beyond
  • Years of Experience

Find Your Next Home

In this incredibly difficult Seller's market, you need someone who knows how to beat the other buyers to the best homes, get your offer accepted and knows the area inside and out !  Terry can work with you to find the right home at the right price for you, including the neighborhood amenities that matter - not to mention the essential criteria you have for your ideal home.

Sell a Home

When it's time to move, you need someone who will market and advertise your home, show to prospective buyers, negotiate the purchase contract, arrange financing, oversee the inspections, handle all necessary paperwork and supervise the closing.  But even more importantly, an agent who has the experience and knowledge to prevent problems from the get-go and solve the ones that can sink your real estate ship.  She can take care of everything you need, from start to close, making the difficult task of selling less stressful.

Consult on Home Selling Tactics

Often times buyers don't visualize living in your home the way you do.  Terry can help you make your home attractive to its ideal audience - which can help you get top dollar in the shortest time.  Staging and photographing your home, recommending minor repairs or improvements can make the difference between a home getting stale on the market and one that is sold quickly for the maximum net to you.