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Budget For Closing Costs – Home Inspection And Title Fees
By: Dave Lewis
Purchasing a home is a euphoric event. Once escrow begins, the euphoria can
change to frustration, particularly if you are not ready for the closing costs
that quickly accumulate.
Budget for Closing Costs – Home Inspection and Title Fees
Closing costs simply refer to the fees associated with various things associated
with the escrow process in a real estate transaction. In the excitement of
having an offer accepted for your dream home, you can easily lose track of the
fact you are going to need to have some serious cash on hand to pay them. Many
people make the mistake of only assuming they need the down payment money, and
have to rush around town trying to come up with money for the closing fees.
If you are buying a home, you need to get a professional home inspection. Doing
so can reveal potential problems with the home that you wouldn’t otherwise
notice. Problems can include things such as rot, termites, water leaks and a
bevy of other issues. The time to do this is during escrow. Of course, that
means you are also going to have to pay for the inspection. Depending on the
size of the property, home inspections can run a few hundred dollars up to a few
thousand. Make sure you have money set aside for the fees.
Title insurance is something you absolutely must purchase when you buy any real
property, a home, building, land or whatever. Title insurance protects both you
and your lender. Title insurance is just what it sounds like. A title company
will research the title of the home and essentially guarantee that the title is
good. This means the seller actually owns the title and has the right to sell it
to you. The title company will also make sure there aren’t any liens on the
homes or other things that will cause you problems. Depending on the price of
the home, title insurance can run you a couple of hundred dollars or up into the
thousands. Again, it is important to find out the cost and budget for it.
Title insurance and a home inspection are two things you should absolutely have
when purchasing a home. Just make sure you budget for them.
About the Author:
Dan Lewis is with http://www.gwhomeloans.com - a San Diego mortgage brokers
providing San Diego home loans. Visit http://www.gwhomeloans.com/services.html
to learn more about options on San Diego mortgages from a San Diego mortgage
broker company. |
