When looking to purchase a home, many buyers mistakenly believe the sales price of the house is the only cost they need to worry about. However, those who have purchased a home before no for a fact that there are many other costs involved which need to be taken into consideration. It is important to research what all the hidden costs will be so to be prepared when making an offer on a house. In this post, Gregg S. Marcus, a Long Island Insurance Executive fully explains all the hidden fees of purchasing a house
Property taxes can vary immensely from one neighborhood to the next. When shopping around for a home one of the first things you should take into account is that the nicer neighborhood cost far more in property tax. When assessing taxes you should also be on the lookout for whether or not there are additional village taxes in the area. Call your county tax office for tax information on any property
Inspections and Appraisals
When you have finally found a home that you suits your needs you must have the house inspected and most likely the bank will wish to have the house appraised. The homeowner is usually responsible for all these costs. Inspections usually range anywhere from $300 to $600, and appraisals usually cost around the same price. It is important to shop around for the best possible deals as it could save you a few hundred dollars.
As stated in earlier posts, the cost for homeowner’s insurance varies greatly depending on the home itself as well as its location. The size a building style of the home will determine a replacement cost of the house and therefore affect the amount of dwelling cost you need. Another thing to consider, is that homeowner’s who live near the water may have to pay another policy regarding flood insurance. Once again it is recommended to shop around and locate the company with the best possible policy for your specific needs.
When it finally comes time to close on your new house there will be a multitude of closing costs that must be paid to the lender, the title company, the insurance company, and attorneys. The closing costs are most often paid for by the buyer but at often times the seller will pay their part as well.
If you are looking to purchase a home and live in Nassau or Suffolk County on Long Island in New York, contact Gregg S. Marcus today.