8 Other Fees Involved in Buying South Tampa Homes for Sale
When buying real estate in South Tampa, most home buyers tend to focus on how much the properties cost and what interest rate they can get in the loan. While these things are undoubtedly important, there are other fees that should be included in the computation. If you overlooked them, you might end up with financial difficulties.
Read on for some of the most common fees involved when purchasing a home.
1. Property appraisal and inspection fees
If the South Tampa waterfront home for sale you are buying is not a newly built development, you may have to send a few hundred dollars for property appraisal and inspection fees. You need to have your new home properly evaluated by an appraiser and inspector. Doing so will help determine if the asking price is fair and if the home does not have any major structural problems.
2. HOA fees
Most home buyers generally have an idea how much HOA fees will be required each month. However, some of them fail to consider unexpected rate increases. HOA fees may increase if the association loses money from homeowners going through foreclosure in some cases..
3. Survey costs
Some lenders want a professional survey of the property. This is done so that everyone knows where your land’s boundaries are. Survey costs can amount to several hundred dollars depending on the complexity of the property.
4. Title Insurance
The title insurance covers you in the unlikely case you end up not receiving clear title to your property. It will also cover you if the information on the title was false or if there are issues relating to the previous owners of the South Tampa real estate for sale. The cost is relatively low, usually just a few hundred dollars.
5. Pest or mold inspection
A pest or mold inspection is not generally required for a brand new home. However, if you are purchasing an older home, an inspection for pests such as termites may be required. This requirement can vary by location.
6. State Recording fees
This may depend on where you live. Some areas require a fee for recording and holding the information regarding the sale of a home.
7. Land Transfer Tax
The land transfer tax is charged whenever a property changes hand. The amount is based on the purchase price. In some cases, first time home buyers may be exempt from a portion of this cost. You can get more details about land transfer tax on provincial or municipal websites.
8. Real estate agent’s fee
If you are selling your current home and buying another at the same time, you’ll most likely sell through an agent and there will be an agent’s commission to pay. For Home buyers, they don’t have to worry about paying commission because they will be charged to the seller of the property, usually as a percentage of the total sale price.
Not all of these fees will apply because some may be waived or paid for by the lender or seller. Just the same, it pays to know and understand the fees before finalizing your purchase. Visit http://www.TampaTodayRealEstate.com today for more helpful tips on home selling and home buying.
