Total Cost of buying a home? PLEASE HELP!

Annieb Posted: Jan 22, 2005 04:17 PM

Total Cost of buying a home? PLEASE HELP!

I am clueless. Aside from the price of the home and the real estate attorney, what else should I expect?

Is there a sales tax or anything like that? Transfer tax?

Mortgage and associated costs excluded?

Thanks in advance!!!!1

kkattau Posted: Jan 22, 2005 04:28 PM

Re: Total Cost of buying a home? PLEASE HELP!

Hi - title insurance girl again - you will have to pay the title company fees as well as any fees that your bank will charge. The title fees include search fees, mortgage tax, transfer tax, recording fees and title insurance premiums. To be honest - it kind of adds up.
Let me know if you have more questions.

kpny622 Posted: Jan 22, 2005 04:32 PM

Re: Total Cost of buying a home? PLEASE HELP!

real estate tax payments for the house, adjustments to seller for utility bills, home inspection costs (pre-contract)

transfer taxes are paid by the seller

kkattau Posted: Jan 22, 2005 04:38 PM

Re: Total Cost of buying a home? PLEASE HELP!

oops - you won't pay transfer tax - that is the sellers fee

Annieb Posted: Jan 22, 2005 05:54 PM

Re: Total Cost of buying a home? PLEASE HELP!

So title insurance and title search fees, and any property tax/ utilities. Is that it? No sales tax or transfer tax equivalent for the buyer?

Thanks for your help ladies!

kpny622 Posted: Jan 22, 2005 06:03 PM

Re: Total Cost of buying a home? PLEASE HELP!

there's no sales tax but I wouldn't say 'that's it' - miscellaneous things pop up at closing - you really can't plan exactly until you know how much your mortgage is, etc. My closing costs were close to 15,000 at closing

belle31125 Posted: Jan 22, 2005 06:04 PM

Re: Total Cost of buying a home? PLEASE HELP!

Our closing costs will be about 20,000

Annieb Posted: Jan 22, 2005 06:06 PM

Re: Total Cost of buying a home? PLEASE HELP!

YIKES! What goes into that aside the above?

ThongLori Posted: Jan 22, 2005 06:10 PM

Re: Total Cost of buying a home? PLEASE HELP!

We are buying new construction and our closing costs will be into the 20s too.

kpny622 Posted: Jan 22, 2005 06:20 PM

Re: Total Cost of buying a home? PLEASE HELP!

again, depends on the price of the house, what the taxes are, etc

for us, the approximate numbers were: title insurance was $3000, and the mortgage tax and related mortgage fees (including lenders attorney) was another $4000. the sellers already paid the taxes due for the next 6 months so we owed them those which were about $4500

the insurance on the house was around $1500, plus title closer tip and utility adjustments a few hundred dollars more

I was my own attorney but if I had hired an attorney, add another $1000

Annieb Posted: Jan 23, 2005 06:10 PM

Re: Total Cost of buying a home? PLEASE HELP!

What about the various inspections? How much is a good price?

Thanks!

kpny622 Posted: Jan 23, 2005 06:47 PM

Re: Total Cost of buying a home? PLEASE HELP!

Posted by Annieb

What about the various inspections? How much is a good price?

Thanks!

if I remember correctly, our termite inspection was around $150 and our engineer inspection was $450

september2004 Posted: Jan 23, 2005 06:57 PM

Re: Total Cost of buying a home? PLEASE HELP!

buying and/or maintaining?

we are in the process of running numbers now and have factored in down payment, closing (15-20K), moving and startup costs (8K) for buying. the mortgage payments, taxes, maintenance costs are part of our monthly calculations. we have taken all that we spend now (food, transportation, utilities, entertainment) and add on estimated house related expense that we have gotten from our parents.