When you’re buying a home for sale in Aspen, Carbondale, Basalt or elsewhere, you already know that you have to come up with money outside the purchase price. Here are three expenses you need to know about before you purchase a house.
3 Expenses You Need to Know About Before You Buy a Home
Knowing what’s in store makes the whole process easier, so plan for these three expenses.
Home-Buying Expense #1: Earnest Money
You can expect to spend between 2 and 5 percent of a home’s purchase price on an earnest money deposit. This money shows the seller that you’re “earnest” in your commitment to buy. When you close, the money usually goes toward your closing costs or your down payment.
Home-Buying Expense #2: Origination Fees
Origination fees are costs you pay the loan officer or broker for completing the loan. It covers underwriting and processing the costs of buying. It’s about 1 percent of the purchase price in most cases, but it does vary.
Home-Buying Expense #3: Home Inspection
When you make an offer on a home and a seller inspects it, you’ll want a qualified home inspector to check it out and make sure there aren’t any major issues. If issues do come up (even if they’re minor), you can use them to negotiate with the seller or cancel the deal.
Are You Buying a Home in Aspen or the Surrounding Communities?
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