What Is The Total Cost Of Purchasing A Home In Santa Fe?

When all is said and done, all of the costs of purchasing a home in Santa Fe need to be added up for a total figure. Until you do this, you cannot really estimate how much house you can afford. It is something that a lot of people don't do until the last minute, which can result in some sad moments. You certainly don't want to end up falling in love with a home only to find out that the total cost puts it completely out of your price range.

Here are the costs that you're going to have to tally up before deciding on how much you can realistically spend for a home in Santa Fe.

1. Getting an appraisal

In most cases you will be responsible for paying for the appraisal fee. The lender will arrange for this appraisal to be done but it will be added onto the final cost.

2. Insurance costs

If you need to get a mortgage with a high ratio you may have to pay mortgage insurance. Also, since your home in Santa Fe will act as a form of security on your mortgage, your lender will expect you to get fire and vandalism insurance as well.

3. Santa Fe fees

If you have any type of credit issue or problem proving your income, you may have to work through a mortgage Santa Fe to set up a special home loan. Because there is more work involved, you'll have to pay a separate higher fee for the application processing.

4. Getting a land survey

Your lender will ask for a land survey in most cases to make sure that your neighbor’s property or assets are not encroaching on the land. A land survey establishes the boundaries of the Santa Fe property you intend to buy.

5. Legal costs

You'll need to get a lawyer to help you make the purchase legal and advise you on any of the legal implications. A title search will need to be done and the mortgage will need to be prepared and registered.

6. Taxes

Oh the dreaded taxes! These vary across the board depending on your location. Your Santa Fe real estate agent can let you know exactly what types of taxes you can expect to pay when all is said and done

Needless to say, you'll also have to factor in getting the utilities set up, the cost of the move itself and whether or not you want to have the house professionally cleaned before you move in.

Taking all of these things into account, you'll have to go through each one separately when you are purchasing a home in Santa Fe. Your agent can walk you through each one so that you can have a pretty good estimate of how much in total it will cost you to buy the house.