Ignite FB Tracking PixelWhat to expect: House buying costs - Rob Lowenthal
Corcoran Legends
Rob Lowenthal, Corcoran LegendsPhone: (914) 450-8120
Email: [email protected]

What to expect: House buying costs

by Rob Lowenthal 03/10/2023

House buying costs involve much more than just the purchase price. Things like private mortgage insurance, property taxes, HOA fees, homeowners insurance and other expenses can add up quickly, making it even more important to prepare for them.

To make sure you're ready to handle the upfront costs and ongoing expenses of buying a house, here's what to expect:

One-time closing costs fees

There may be many costs involved with the loan application process, including fees due at closing. In general, closing charges vary from two to five percent of the home purchase value. Depending upon the lender, you can still find lower fees by shopping or by negotiating lower fees.

If you see any fee you feel is excessive or unneeded, like application fee or mortgage loan lock fee, contact your lender to get additional information.

Ongoing costs - fees & taxes

Depending on your closing costs, the first months may involve some ongoing costs. During the second year, you may have to pay additional expenses, such as local property tax. 

If your home is part of an association, you'll have to pay your dues, which range from just one dollar to hundreds per month depending upon how the association provides facilities.

Other fees homebuyers may encounter

Home inspections are generally optional, but are extremely recommended. A home inspection typically varies in cost between $500-$800, and can provide information about the condition of the home that will guide you to the best deal. Additional costs may be charged when a pest or radon inspection is necessary or advisable.

The more you know what to expect when it comes to expenses, the better you can budget and plan for your future as a homeowner. Check with your mortgage lender about any fees you're unsure about, and remember these additional costs of buying when creating a budget for your homebuying process.

About the Author
Author

Rob Lowenthal

“I sell your home like it's mine”

A licensed real estate salesperson since 2016, Rob is affiliated with the Briarcliff Manor office of Corcoran Legends Realty. He serves buyers, sellers, renters, in Westchester, Rockland, and Putnam counties. Rob, a native of New York and Westchester County for most of his life, brings an extensive local knowledge of both residential and commercial properties to the table. His experience includes a wide range of property types – single-family, multi-family, condos and mixed use. “Hard to sell” properties is where Rob really excels. “There’s no problem that cannot be solved.”

Rob is certified for many different disciplines in real estate. Cartus Relocation Network Agent, AARP Agent, National Tenants Network (NTN) Agent, Green certified and Pricing Strategies Master. In addition, Rob has completed the Leader’s Edge Advanced training to better serve his clients. Rob has been both associate of the month and top closed dollar agent.

When you work with Rob, you get the feeling you’re his only client. Numbers don’t count, you do. Clients always come first. Each transaction is handled as if it were his own home. Rob strives to make the process as seamless as possible and takes care of all the details, no matter how small. His clients rave about his above-and-beyond service and prompt informative communication. Rob is easy going, friendly, and patient. However he can be a determined and aggressive negotiator when the need arises.

When not out actively working on behalf of his clients, Rob spends time with his wife and two teenage daughters. A devoted supporter of community he sits on several local boards and volunteers for numerous locale nonprofit organizations. He enjoys cycling, hiking, kayaking and winter skiing.

May your price be right, and your sale be swift!”