When it comes to buying your first home, it can be an exciting and sometimes stressful process. From working with your bank to secure the right loan with a low interest rate to working with your Realtor on closing on a home, there are a lot of moving pieces. There is also a lot of paperwork when it comes to buying your first home. It’s natural to be stressed out or feel overwhelmed as a new homeowner. It’s important, however, to pay attention and make sure you’ve read all the fine print, because sometimes there are hidden fees that you may not be aware of. At Soldavi, we are experts in California real estate, and as such, we recommend keeping an eye out for the following hidden fees, which may surprise you as a new homebuyer.
The Fee of an Inspection
Many times, you may get swept up in the excitement of closing a home that you can forget the fees involved in the closing process. One of these fees is an inspection fee. Depending on the sale of the home, the fee may be covered by the seller, but the majority of times it falls to the buyer to get the home inspected. This fee can vary depending on the time of year and size of the home, but it’s important to keep in mind when budgeting for your home purchase.
The Fee of Insurance
Homeowners insurance can be another expensive fee that first-time homebuyers may forget about. It’s important to keep this in mind, as home insurance can vary depending on the carrier and size of the home. Some homeowners may bundle their home insurance with other insurance to make it cheaper overall. Depending on your home and your situation, you may have this option and avoid higher premiums.
The Fee of Closing Costs
Closing costs can be a significant amount, sometimes being 5% of the total sale. This can make homeowners nervous or surprised, as many do not figure closing costs into their bid. It’s important to keep closing costs in mind, as they can sneak up on a sale. Again, depending on the sale of the home, the percentage may vary.
The Fee of a Realtor
While most homeowners know their Realtor’s fees, they may forget they have to pay for these services with all of the excitement and hustle and bustle of viewing properties and packing up their belongings. It’s important to keep the Realtor’s fees in mind as well as their commission percentage.
While there are many fees that may spring up unexpectedly when it comes to buying your first home, these are the most common ones to look out for as a new homebuyer. When you know what to expect and can plan for it, you will be able to take the time to relax and enjoy this transition as you set down roots in your new home. Soldavi has found success in helping our California clients celebrate their new homes, and we practice transparency in everything we do.
If you are ready to buy your first home in the Merced or central California area, reach out to us!