What to expect in closing costs when buying a home

Buying a home is more than just the obvious listed price. You must also factor in several different components that you, as the buyer, are responsible for paying around the time of closing.

Here are the items you should be expected to pay for as the home buyer:

• Home Inspection: A professional home inspector will check your home inside and out and will give you a detailed report of the home's condition. If there are any red flags that may give you pause about buying the home - the home inspector will find them. Plan to spend $200-$400 for this service, depending on location.
  
  

  You may also want to read: Home Inspections: What You Need to Know
  

• Closing Costs: These are fees paid to the mortgage lender and others involved with the sale of the home. These fees include: checking your credit report, loan origination fee, government recording charges, appraisal fee, title service fee and title insurance. The total amount is usually 2-5% of purchase price. 
• Mortgage Insurance: If you have private mortgage insurance, they will pay the mortgage company if you can't. Normally, the insurance premium is added to your monthly payment.
  

  Others also read: 5 Hidden Home Buying Costs

   

• Property Tax:  Homeowner's pay property tax to their county each year. The amount you owe is based on how much your home has been appraised for. The more your home is worth, the more taxes you owe. Also, local government may modify taxes each year, causing your monthly payment to vary.
• Homeowner's Insurance:  This  type of insurance protects your home from damages covered in your policy. If you live in a higher risk area -  like a region that gets earthquakes or flooding - your premium will be higher.
• HOA fees: Homeowners Association (HOA) fees go back into your community, like for the community pool, parks, general upkeep, etc. These are typical monthly dues that are determined by your HOA Board.
  
  

  You may also find helpful: How to find a good homeowners’ association
  
  

• Moving Costs: Factor in the cost of hiring professional movers vs. renting your own moving vehicle. Either way, moving costs can add up quickly. Do your research and shop around to get the best deal possible.

  For all your real estate needs, contact expert DFW realtor, Stacey Perry with Keller Williams Realty, today!
  

  
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  Email: staceyperry@kw.com
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