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Home Floating on MoneyIf you are in the market to purchase a home for the first time, you need to be aware that there are more costs than just the home itself. Some costs come up during the home buying process while other come up after the home is in your name. By becoming familiar with these commonly overlooked costs, you can budget properly for your home purchase.

Home Inspection


Once a seller has accepted your offer, you want to make sure that the home you are purchasing is in good condition. Hire a certified home inspector to check out the property before you start the closing process. Be sure the inspector checks the home from top to bottom for any structural, mechanical or foundational issues. Once you are aware of any discrepancies, you can negotiate repair terms with the seller. If you do not do this before closing, you will be entirely responsible for repair costs.

Appraisal Fees


Before your mortgage lender disperses the money, they want to make sure that it is worth the investment. This requires a home appraisal before they finalize the agreement. The lender will hire a certified appraiser to check out your potential home. While the lender does the hiring for the appraiser, you as the borrower are required to pay the appraisal fee.

Escrow Accounts


Many lenders require that you set up an escrow account along with the mortgage loan agreement. The lender uses the money in the escrow account to cover property-related expenses on the homeowner's behalf. This includes things like insurance premiums and property taxes. If you don't set up an escrow account along with your mortgage, you will be responsible for paying these items yourself.

Closing Costs


Many first time home buyers save up to make sure that they have enough money for the down payment but forget that there are also closing costs to account for. Closing costs consist of things such as loan origination fees, attorney fees, and homeowner's association fees or taxes. Closing costs tend to be 2-5 percent of the cost of the home purchase price.

Repairs


Once you have closed the deal on your home, it is time to maintain your new property. This may come in the form of upgrades along with repair and maintenance throughout the duration of your ownership. As a homeowner, all these costs fall on you.

At Fleming & Riles Insurance, we understand that unexpected costs arise during and after the home buying process. Call us today at (800) 833-4379 to find out more about our Georgia home insurance policies and how we can help you.
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