Buying a home is a huge financial decision. While most of what you pay for a house is not in cash, in some cases you may have to open your wallet. The most common out of pocket expenses when buying a home include:
- Earnest money – also known as a good faith deposit, earnest money is typically around 1 percent of the purchase price of a home. Earnest money is used to let the seller know that you are serious about buying the home.
- Home inspection – typically around $450, the home inspection will let you know if there are any problems with the property that will need to be fixed. Once all inspections are complete you will need to negotiate what if any repairs the sellers will be responsible for.
- Closing costs – many costs are part of the closing costs, including company charges, insurance, and prepaid taxes. Closing costs may be able to be combined with the loan amount, which can help you save on the amount of cash you have to hand out at the end of the deal.
For all of your real estate needs throughout Northern San Diego County, contact The Alan Shafran Group.