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Home buyer's costs are the expenses associated with your purchase of a home. Both the buyer and the seller, varying with the location and depending on what is in the contract of sales, pay the home buyer's costs. Some of these costs are paid when you close your deal and others as your transaction progresses.
Home buyer's costs are enumerated below. Some closing costs may or may not be applicable depending on the custom of the area where you purchase a home.
1. Tax Fees. You are required to pay this fee before a property is transferred to your name. Exact cost depends again on the particular area. Most commonly, the tax is one percent on the first Two-Hundred Thousand of the value of the property and two percent if it exceeds the two-hundred thousand bracket.
2. Goods/Service Tax. Also known as the GST, is applicable in a purchase of a newly constructed house or property. The price depends on the area and the rates imposed.
3. Property Tax. If the current owner of the home you are negotiating to buy has already paid the full year's property tax, you have to reimburse them as your share of the year's taxes.
4. Appraisal Fee. Some lending institution charges you with appraisal fee of the home before they approve your loan.
5. Survey Fee. You may have to submit a survey form to the lending institution. The survey's purpose is to establish the boundaries of the property. If the current owner does not have one, you will have to contact a surveyor and pay the corresponding fees.
6. Mortgage Application Fee. The fee varies, depending on the lending institution. Usually, when you apply for a mortgage you are required to pay the application fee.
7. Mortgage Default Insurance. This insurance is required on mortgage loans exceeding the seventy-five percent of the appraised property value. This serves to ensure that the lender will not lose money in the event that you cannot pay your mortgage and your property is not sufficient to pay the mortgage.
8. Fire Insurance. Your mortgage lender will ask you to purchase an insurance policy. This guarantees that in the event of fire, the lender will receive whatever balance on your loan before you receive any insurance proceeds.
9. Legal Fees. You will need the services of a lawyer or a notary public to act for you when you have to transfer ownership of the property to your name.
10. Other Fees. Your home buyers' costs may include your moving expenses, whether you want to hire a moving company or you do the moving yourself. Expect additional expenses on repairs you may have to make, new window or floor coverings, whatever you may find necessary before you settle on your new home.
It is best to consult the exact fees in the area you plan to buy a new home. Be sure you have this home buyer's costs covered in your budget as you start hunting for a home.
