Either type of property you purchase it’s a good idea to call the utility companies on a home your interested in and ask what the bills were for the summer and winter the previous year on the particular home of interest so you have an idea of these costs and can budget accordingly above and beyond your payment.
Always have a home inspection so you are aware of repairs that will need to occur in the next few years and have the seller fix any immediate repairs needed before you buy.
The tax advantages of buying.
Are there any upfront fees besides the down payment?
When you purchase a home there are a few upfront fees you need to be prepared for :
Earnest money: Earnest money is good faith money that a buyer puts down when they write an offer to show the seller they are serious about purchasing the home so the seller feels comfortable taking the home off the market. You write a check for typically 1% of the purchase price (i.e $200,000 house = $2,000 earnest money) and this check is deposited and cashed with title and held until closing. This goes TOWARDS your down payment at closing to purchase the home. If you were to bring in $10,000 down at closing you would only bring in $8,000 because your $2,000 earnest money would be applied to it)
Home Inspections : These vary in fees based on the square footage of the house and based on the age of the home you might want to do more inspections. A typical home inspection is $375-550.00 and other inspections range from $100-$150 each. I would plan to have $1000.00 set aside for inspections. Inspections are due to the inspectors at the time it occurs and these are for your protection. You do not get the money back nor is it applied to your down payment
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John L Scott Real Estate
Portland Home Experts
1800 NW 167th Place Suite 100
Beaverton, OR 97006
Licensed Oregon Realtor
"Selling Portland - Day By Day"