1. Closing Costs
Closing costs are rarely built into the mortgage. You will be asked to pay the closing costs for the home outright. Plan on this being about five percent of the total purchase price. With some loan types you can get these calculated into your mortgage, so be sure to at least ask about the possibility.
2. Appraisal and Inspection Fees
Appraisal and inspection fees may be required upfront rather than being tied into the costs of the home. This means that you will be writing a check for every type of inspection. Plan on spending about $500, depending on the number and types of inspections required.
Before you are permitted to take control of your property, you will need to have it insured. This is often worked into the mortgage for subsequent years, but your first year will need to be paid upfront. It's not unusual for homeowner's insurance upwards of $1,000 a year.
4. HOA Costs
If the home you are moving into is part of a homeowner's association, don't forget about their fees. While they may not cost you thousands up front, they will have to paid over the life of your mortgage. Many people forget about these costs when purchasing certain homes.
If you are interested in one of the homes for sale in Zebulon and have questions, our team of experienced real estate agents is here to assist you. Reach out to our office today to schedule an appointment to speak with a member of our team.