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Hidden Fees to Be Aware of When Buying a Lake Havasu Property

Real Estate Agent with Coldwell Banker Residential Brokerage SA552583000

April 13, 2022 12:05 PM

Purchasing a Havasu home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase (more than just the price of the home). Here are five "hidden fees" to keep in mind as you begin to budget.

Hidden Fees to Be Aware of When Buying a Lake Havasu Property

Home Inspection

This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. According to the Home Blue Contractor Network, you can expect to pay between $240 to $580 depending on the size of your home and its location.

Title Services

Title services encompass the transfer of the title from the seller and a thorough search of the property’s records. This ensures that no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.

Appraisal Fee

Before getting a loan, you will likely be required to get an appraisal of the Havasu home to determine its estimated value. (Yet another one of the so-called "hidden fees".) This will be conducted by a third-party company. According to Manta, Lake Havasu City homeowners pay an average of $343 for an appraisal.

HOA Fees

Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month.

Taxes

The taxes each buyer pays at the closing table differ. But it is not uncommon for those fees to add up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.

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