• Sell
  • See Home Value
  • We're Hiring
  • About
  • Our Team
  • Contact
logo
  • Sell
  • See Home Value
  • We're Hiring
  • About
    • About Us
    • Our Team
    • Vendors
    • Contact
  • Resources
    • Neighborhood home search
    • Real Estate Blog
    • Matt Gives Back
    • Getting Real with Matt O'Neill
  • 843-619-0401

Apr 17

The Costs of Buying a Home

POSTED BY Colin Spann:
Selling

When buying a home, there are several costs you must take into consideration throughout the process.

Buy or Sell a Home with Charleston's #1 Team

If you’re considering buying a home, which costs do you need to be aware of so that you’re financially prepared when you do make the decision to buy? 

The first and largest home buying expense you should be aware of is the down payment. However, there are FHA loans available that only require as little as 3.5% down, and you can also get conventional loans that go as low as 5%. 

The next biggest expense is your closing costs. The first closing cost you’ll have to pay is your loan fees, or the fees your mortgage professional charges to process your loan. There could also be an origination fee, an appraisal fee, and a processing fee. You’ll also have escrow fees as part of your closing costs, and these can be big because you have to escrow for your taxes and insurance for the year. The closing attorney will determine how much of that you’ll put into escrow, and you’ll pay your escrow fees the day of the closing. 


“


Don’t forget about these costs when buying a home.

”


Next up is the inspection fee. Home inspections are vital, as is finding a good home inspector. These inspections usually cost between $500 and $700. If and when the inspector finds any issues that need to be fixed, you and your agent would ask the seller to correct them, so most of the time, the home inspection pays for itself. 

Sometimes, you’re also required to pay an HOA fee or a transfer fee. This can range from a couple hundred dollars to 0.5% of the purchase price. You also might have to prepay the monthly HOA fees.

Lastly, additional expenses include moving costs, new furniture costs, and utility transfers. 

If you have any more questions about the costs of buying a home or you have any other real estate needs, don’t hesitate to reach out to me. I’d be happy to help you.


Back
Share this:
  • Share on Facebook
  • Tweet
  • Share on Google+
  • Share on LinkedIn
How much is my Home Worth
Show me Now

Get your Instant Marketing Analysis Report Now!

Get Me Free Access To All Charleston-Area Homes
Find My Dream Home

Free Charleston Home Search: View All Photos - Maps - Prices

CATEGORIES
  • Monday Mojo
  • Selling
  • Buying
  • Mt. Pleasant
  • General
  • Charleston
  • Architecture
  • Housing Market
  • Mortgage
  • Weather
  • Commercial Real Estate
  • Press Release
  • 
Get in Touch
Matt O'Neill Real Estate

1349 Old Georgetown Road
Mount Pleasant, SC 29464


  • SELLERS (843) 619-0401
  • BUYERS (843) 501-2900
sales@MattONeillteam.com
click here for google map
5 STARS on GOOGLE
5 STARS on ZILLOW

The Wall Street Journal’s #1 Ranked High-End Team in Charleston, SC

“At Matt O'Neill Real Estate, our first core value is integrity and we ALWAYS put our client's needs before our own. This is the reason over 1/2 of our business comes by way of referral and why we are one of the top-selling real estate teams in the country."

Have Questions? Call us Today: 843.619.0401

Click here to email us

  • HOME
  • BUYING
  • SELLING
  • ABOUT
  • TESTIMONIALS
  • BLOG
  • CONTACT
*terms and conditions apply to the guaranteed offer program.
© 2021 | Matt O’Neill Real Estate logo