In Louisville, there are many people who dream of the day they will be able to own their own home. Many renters put aside a little money each month toward this goal. In making plans for this type of purchase there are other costs to be considered in addition to the actual selling price of the home. These include things such as appraisal fees, closing costs (also so known as title company fees), home inspection, and notary public fees. Here are the details:
A home inspection is required and can vary in price from $300 to $500 depending on the company chosen and the state requirements. As a buyer, you should always attend these inspections. The inspector will point out any problems that may exist in the building and also determine if the house meets building code requirements. This fee is included in the lending agreement.
It costs from $300 to $450 to have a home appraised to be sure it is worth what the seller is asking. The appraiser is selected by the lending company with the cost added into the loan contract.
These costs include such things as loan fees, insurance, title company charges, filing fees, and notary fees. Sometimes the realtor’s fee is paid by the seller, sometimes it is the buyer’s responsibility, and sometimes it is split. Prior to shopping for a home, it is important to have a loan agreement with a mortgage company so that these fees and the other expenses of the sale are included in the loan.
Property taxes must be paid each year and they are based on the price you paid for the house. If the seller paid less for the house than you did, your taxes will be higher. This should be considered in your budget planning. It is possible to set up an escrow account with the lender to pay these taxes each year.
If you are purchasing a home in an area that has a Homeowner’s Association there will either be yearly or monthly fees, which can vary from low to high. This is something you will pay out of pocket and should be carefully considered when making this kind of a purchase. Also, if you have been renting with the utility bills paid by the proprietor they will now be your responsibility.
Buying Your 1st Home In Louisville, KY
Owning one’s own home is a wonderful thing. It makes it possible to make any changes desired, such as applying new paint, changing room construction, and thousands of other things that make it your very own. If all the costs of the purchase and the ensuing expenses are considered it is possible to have the home of your dreams without the stress of unexpected money problems. If you’re looking for a great first home purchase, take a look at these listings in Louisville, KY: