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What you need to know when buying a home
What you need to know when buying a house! First, you need to make some calculations. You need to know how much money you can set aside for living expense that will be constant after the move is complete. Look at your budget very carefully. The second list of information you need is the cost, including the hidden costs, of buying a property. Many newbies make the mistake of going at it alone and making costly mistakes. You can get this information from your bank, from the real estate that will show you properties and from relatives or friends that have gone through the process. Here is a general list of costs you can expect to pay up front when you purchase your new home. When you write the sales contract, you need to provide a down payment. Some realtors recommend $1000.00 to $5000.00. This amount will be deducted from the payout at final signing of the documents. Legal fees vary as much as your ability to negotiate. There are institutions that will provide this service at a much lower cost than lawyer firms, do your research. Expect to pay 1 to 2 percent of the sale price of the home you are buying. Some of the hidden costs are:
Disbursement fees, land registration, bank registration fees, mortgage insurance (if you don’t provide 25% down payment, the banks will request this). Depending on the time of the year you purchase your home, the following costs will vary:
Property tax and water tax is prepaid for the year, January to December. The vendor will need to be repaid this tax from the date of purchase to the end of the year. This is done as the legal papers are drawn up. Heating fuel can be another cost that the vendor may request; a tank of oil is a high commodity today! Now the fun stuff, moving costs:
Moving companies are costly, but very efficient in quality control. Breaking your stuff may cost you more than hiring a mover, especially if you intend to provide beer and pizza for your friends in appreciation for their help.
You must allow some money for decorations upgrade, curtains and any light repair you may choose to make your home your own. There may be some yard work to upgrade also. Finally, you may need some tools to complete the required maintenance, lawn care and snow removal, depending on your geographical area. Take out your calculator and write down all these expected costs before you commit yourself. The stress of buying a home may not be so elevated if you are prepared. Ask people you know for help, some will be very happy to share their experience with you. Good LUCK!
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