Homebuying Costs You Need to Know About

by Jacqueline Neal 09/08/2019

If you plan to purchase a house in the foreseeable future, it generally is a good idea to plan ahead for all of your potential homebuying costs. That way, you can secure the funds you need to purchase your dream house.

Now, let's take a look at three costs that every homebuyer needs to consider during the property buying journey.

1. Credit Report

A lender likely will request a verified credit report before it provides you with a mortgage. The fee for a credit report usually is minimal, but it is important to note that this fee adds to the overall cost of purchasing a house.

Oftentimes, a homebuyer can get pre-approved for a mortgage and pay a credit report fee prior to conducting a house search. On the other hand, if a buyer wants to secure financing from a lender after he or she discovers the perfect house, the cost of a credit report may be incorporated into this individual's home closing costs.

2. Home Inspection

A property inspection is crucial, as it ensures a property expert can analyze a house and identify any underlying problems with it before a buyer finalizes his or her home purchase. As such, it is paramount to account for home inspection fees to ensure you have the funds available to hire an inspector who can perform an in-depth evaluation of a house.

The cost of a home inspection varies based on the size of a residence. Meanwhile, there is no need to forgo this evaluation. Because if you ignore a home inspection, you risk encountering costly, time-intensive problems after you buy a residence.

3. Pest or Mold Inspection

A pest or mold inspection is not a requirement if you purchase a new house. Conversely, if you purchase an older residence, it typically is beneficial to inspect it for pests and mold prior to finalizing your house purchase.

Pest or mold inspection costs vary based on a home's size and location. And if you feel a home may be susceptible to pests or mold, you should pay the necessary fees to conduct a pest or mold inspection. Otherwise, you could encounter home pests or mold that may cause major problems down the line.

As you prepare to pursue your dream residence, you may want to hire a real estate agent as well. If you have a real estate agent at your side, you can receive comprehensive guidance as you navigate the homebuying journey.

In addition to teaching you about homebuying costs, a real estate agent is happy to educate you about all aspects of the housing market. Plus, a real estate agent will respond to your homebuying queries and help you make informed decisions as you search for your ideal residence.

When it comes to purchasing a house, it helps to budget accordingly. If you consider the aforementioned homebuying costs, you can craft a homebuying budget and speed up your quest to discover your dream house.

About the Author
Author

Jacqueline Neal

 Jacqueline has lived in Colorado for more than 25 years, mainly in the Foothill mountains outside the Denver Metro area. Having lived and worked in the Conifer area since moving here after marrying her husband in 1996. Both Jaqueline and her husband are also successful business owners and have enjoyed living in the beautiful mountain community.

With a background in banking for 25 years and the last 15 years in the lending department, specializing in Real Estate loans, mainly construction and land right here in the foothills from Morrison, Evergreen to Fairplay and all in between.

Jacqueline has also had a tremendous involvement in our community as a member of both the Conifer and Platte Canyon area Chambers; past member of Conifer Rotary and currently serving as the Chair of our local Salvation Army serving the 285 corridor.

Jacqueline is a Broker Associate and Realtor serving as a member of The National Association of Realtors; Colorado Association of Realtors and our local Mountain Metro Association of Realtors(MMAR) and a Certified Mountain Area Specialist.

Jacqueline’s passion and commitment to her community and providing excellent customer service for all of your Real Estate needs is what she will bring to you.