Key Homebuying Costs You Need to Know About

by Rick Jarzembowski 08/25/2019

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

Rick Jarzembowski

Rick Jarzembowski’s dedicated, professional reputation in the Washtenaw County real estate market has been built on providing excellent customer service. For more than 30 years Rick has helped over 1,200 individuals and families with their Real Estate needs.

With Rick, you know you’re getting a committed professional who stays by your side throughout your entire real estate transaction, while making it an enjoyable experience.

His strong and effective business, marketing and negotiating skills are uniquely coupled with his keen ability to understand his clients' tastes and needs. Rick has been a leader in Washtenaw County real estate sales for over 30 years, yearly recognized as a top-producing agent in the County. His in-depth community and market knowledge along with his high-quality professional network have afforded him the expertise to deal with a broad array of real estate needs. He is an expert not only in residential homes sales and purchases, but also with rental investment properties, relocation transactions, new construction, and lake home sales.

Rick has served on numerous committees for the Ann Arbor Area Board of Realtors and Michigan Association of Realtors. These appointments provide him with a comprehensive understanding of housing policies and reinforce his extensive knowledge of the local housing market. He is focused on keeping up with the latest trends, laws, and technology in the real estate industry.

Rick’s dedication to his community and family is undeniable. Born and raised in Michigan, he has strong ties to this community and the state and knows the importance of investing in it. He stays connected and supports this community by volunteering with countless service organizations. He is equally passionate about investing back into the community as he is with providing exceptional customer service. He enjoys all that Southeast Michigan has to offer from sports events to the numerous visual and performing art events that frequent the area. As an avid sailor, skier, hiker, and golfer, he knows the beautiful landscape Michigan has to offer.

As his client, you’ll appreciate that as a longtime area resident and small business owner he knows and understands the community and local market. He is able to provide insightful information and strategic marketing plans for home sellers that get their home sold fast and for top dollar. Buyers can count on Rick to use his knowledge and industry expertise to help them find the perfect home in a timely manner.

Rick’s reputation has been built one client at a time by providing exceptional customer service and exceeding expectations. He is a trusted resource who has had hundreds of clients turn to him, time and time again, with their real estate needs. His industry knowledge and client focused approach have repeatedly come through for his customers. Contact him today!