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Hidden Fees to Be Aware of When Buying a Home

Thursday, May 26, 2022   /   by Steve Ticknor

Hidden Fees to Be Aware of When Buying a Home

A few weeks back, we talked about what it costs home sellers to sell their Lake Havasu properties. Purchasing a home also comes with expenses (obviously). In fact, this is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase other than the price of the home. Here are five fees to keep in mind when buying a home in Lake Havasu.
Your down payment is just one expense when buying a home. Learn about the other "hidden fees" you need to budget for the purchase of a Havasu home.

Hidden Fees to Be Aware of When Buying a Home

Home Inspection

This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $240 to $580 depending on the size of the home and the location. According to Home Blue, you pay anywhere from $240 to $340 for a 2000 sq ft home.

Title Services

Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the Havasu home.

Appraisal Fee

Before getting a loan, you will likely be required to get an appraisal of the property to determine its estimated value. This will be conducted by a third-party company. The cost can land anywhere between $300 and $1,000, depending on the size of the home. According to Manta, the average cost of a home appraisal runs about $343.

HOA Fees

Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month. Many Lake Havasu communities operate without an HOA. However, with the growth of new construction, they appear to be on the rise.

Taxes

The taxes each buyer pays at the closing table differ. But it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.

When you decide you want to start looking for your first, next, or last Lake Havasu City home, contact us.

Sunstone Real Estate Group at Coldwell Banker Realty, Lake Havasu City, AZ

Originally posted on our Lake Havasu area real estate blog here: https://www.sunstonerp.com/hidden-fees-when-buying-a-home/.

  lake havasu real estate, home buying tips

Coldwell Banker Realty
Steve Ticknor And Bob Ulery
2148 McCulloch Blvd N #105
Lake Havasu City, 86403
928-302-6177

Copyright 2022 WARDEX Multiple Listing Service. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable, but not guaranteed. This data is provided by the Western Arizona REALTOR Data Exchange, Inc.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.
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