Budgeting for Home Buyers in Palm Coast
Fees Associated with Home Purchase
Appraisal Fee
Your lender may ask for an appraisal of the property. You will need to pay for this, which usually costs between $175-300,
Survey Fee
If you buy a resale home, your lender might need an updated property survey. This survey typically costs between $700-1000.
Legal Fees
Even for simple home purchases, it’s important to have a lawyer review the paperwork. Shop around; fees can vary based on the complexity and the lawyer’s experience.
Mortgage Loan Insurance Fee
If your mortgage requires it, you may need to pay for mortgage loan insurance. This insurance can cost between 0.5% and 3.5% of the total mortgage amount. Payments are generally made monthly along with your mortgage and taxes.
Mortgage Brokers Fee
A mortgage broker may charge a fee to help find you a lender. However, many brokers may offer their services for free if the lender pays for it.
Maintenance Fees
If you buy a condo, be aware of monthly maintenance fees for common areas like cleaning and landscaping. Costs vary by building.
Taxes
- Land Transfer Tax: This tax applies when property changes owners and can vary in amount.
- Property Taxes: Depending on your down payment, your lender might include property taxes in your monthly mortgage payments. If not, you may need to provide proof that your property taxes are paid annually.
Other Charges and Costs
- Property Insurance: Home insurance covers the value of your home and its contents. Your lender will require proof of insurance to protect their investment.
- Moving Costs: costs associated with hiring movers vary.
- Service Charges: New utility connections, like phone or cable, may charge an installation fee.
To avoid all of these, consider buying a Certified Pre-Owned home!
