8 Costs of Buying a Home- Aiken, SC

Buyers did you know costs of buying a home go beyond the actual purchase price? Our team is going to share eight costs you need to plan for when buying a home. Some are beyond the actual sales price and some that will be a credit at the closing of the home.

1.     Down payment

Depending on the loan type and how much of a loan you are getting this can vary a lot. A down payment is the amount of money you apply upfront to purchase a home and is typically combined with a home loan to equal the purchase price.

 

2.     Earnest money

            This is good faith money that will be deposited. The amount is a negotiable amount between                the you and the seller. We generally see 1-2% but can be more or less.

 

3.     Closing Costs

            Closing costs vary according to many factors, but generally range from 2.5% to 3.5% of the loan             amount but can be higher depending on the loan type. These are costs beyond the sales price             and will show on your final closing disclosure statement.  

 

4.     Credit Report

            This is something you will need to do early in the home buying process.  This report determines          your  credit worthiness. This upfront cost will range $30-$60.

 

5.     Home Inspections

            Generally, once you have a ratified contract you need to get a home inspection done timely.                You want to be assured your home is structurally sound or at least know what you are buying.                There are a few different types of home inspections for example. A main one and specialized                ones like septic tank, roof, or HVAC.  The cost varies but the range is $350-600.

 

6.     Termination Fee

            This is the amount of money the buyer negotiated with the seller. The buyer will have to pay this             money to the seller directly to terminate the contract during your Due diligence Period.  This is                not like earnest money.

 

7.     Appraisal

            Your lender won’t loan you money for a home without knowing what its fair market value is.                    An appraisal will cost somewhere between $400-700 depending on property size.  

 

8.     Survey

            A survey determines the boundaries of the property you are purchasing. This cost can vary a lot             depending on the property size and is an extra cost beyond the purchase price.

 

BONUS: Utility and Moving Costs

         Prior to closing you need to arrange for utilities to go into your name the day of closing. You                     could have a “turn on or transfer” fee or deposit required. Also don’t forget to add in the cost of             moving into your new home. Rental truck or service all cost money. Know your numbers in                         advance so you have no surprises. 

Looking to buy a home? We want to be your trusted real estate advisors.

Brandi Cook + Vikki Crossland

803.645.3325 | info@aikenhomes.com

Meybohm Real Estate

 

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