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13 Extra Costs to Be Aware of Before Buying a Home 

Whether you're looking to buy your first 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.

Remember, buying a home 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 are unbudgeted financial obligations in the hours before you take possession of your new home.

To help homebuyers understand what these extra costs are, and in what situations they may apply, a free industry report has been prepared called "13 Extra Costs to Be Aware of Before Buying a Home".

Some of the items discussed are:

1. Appraisal Fee
Your lending institution may request an appraisal of the property which would be your responsibility to pay for.  Appraisals can vary in price from approximately $175 -$ 300.

2. Property Taxes
Depending on your down payment, your lending institution may decide to include your property taxes in your monthly mortgage payments.  If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.

3. Survey Fee
When the home you purchase is a resale (vs a new home), your lending institution may ask for an updated property survey.   The cost for this survey can vary between $700- $1,000.

4. Property Insurance
Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan.

Order the complete report NOW to make sure you're budgeting properly for your next move. 

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 To make sure that we send you the right information to help you in your current situation, please indicate which report you would prefer to receive:

  • If you are planning to make your move in the next 6 months or less, you'll need to organize yourself quickly.  However, even within this short time frame, there are many issues you can address.  Please order Report #1.
  • If you think it will be longer than 6 months before you make a move, there are a greater number of issues you can address.  Within this longer time frame, the choices that face you are a little broader.  Please order Report #2.

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