Cherry Creek Mortgage
Loan Process 07 August 2018

Hidden Costs Of Home Buying

When it comes to home buying, there are costs to consider other than just the purchase of the home itself. We’re going to cover some of those costs today so that you aren’t going into the process blindly.

This first cost is one which you may or may not be expecting: hiring someone to conduct a home inspection. The home inspection is something which is done before closing, so this may not come as too much of a surprise persay. Although, what is uncovered during the home inspection could be something that you’re not quite expecting. Therefore, you should prepare to have some money set aside in case there are hidden damages.

Secondly, there also numerous closing costs associated with purchasing a home. Those can be underwriting fees, title insurance fee, application or credit report fee. Although, from all the closing costs that may exist out there, a good loan officer and realtor can decrease the likelihood of you paying all of them.

Possibly the least hidden of all the costs are property tax fees. Property taxes vary based off of your home and its location, so it’s important to speak to your realtor about this in order to be aware of its cost in advance. In general, your team should be able to guide and inform you of everything in advance to avoid any potential hidden costs, so curating the right team should be your priority.