Buyer Beware: 5 Things Every Home Buyer Should Know
1. Always get a home inspection. Most Contracts of Sale provide for the house to be sold "as is." A home inspection costs about $450 and will reveal structural defects and needed major repairs.
2. Know the neighborhood. It is advisable to visit the neighborhood at different times of day and talk to realtors and neighbors. The more you know about the neighborhood, schools, traffic and nuisances, the better.
3. Make sure you can afford to buy. Consider whether you can afford the monthly mortgage payment, real estate taxes, homeowner's insurance premium, private mortgage insurance premium, and carrying charges, such as energy bills, telephone bills, etc.
4. Closing delays can cost you money. Do not lock-in your interest rate too early. If the closing is delayed and your rate lock expires, you will have to pay additional fees to get a rate lock extension.
5. Estimate your closing costs. Buyer's closing costs include lender fees, appraisal fees, title insurance fees, survey fee, homeowner's insurance and real estate attorney fee. In order to prevent coming up short at closing, take into account that on average, buyer's closing costs* amount to about 3-5% of the purchase price.
*For more information on closing costs, see AOL Real Estate article Closing Costs: How Much to Budget.
To speak with an experienced real estate attorney about a closing, call us at (516) 314-8433. To learn more about our real estate closing services visit us at: https://www.jreardonlaw.com/residential-real-estate-closings