Additional Cost Considerations for Home Buyers (Besides the Mortgage Payment)

When buying a new home in Mercer County, in addition to the mortgage payment, there are other cost considerations you have to know about. Some of these costs are recurring and not always obvious. However, if you don’t keep track of these additional costs, they might get too high to a point where they interfere with your planning. Here are some of the additional cost considerations you have to make as a home buyer:

Additional cost considerations

These additional cost considerations include closing costs, utility cost, appraisal, inspections, deferred student loans, association fees, downpayment, transfer owner fee, the cost of a realtor and earnest money deposit.

  1. Closing costs-Most of the times, in the sellers’ market, the seller may not pay the closing costs. In such a case the task will be left on you. As a buyer, you will have to pay all the closing costs. Usually, it is required of you to pay up to 4% of the costs.
  2. Inspections-Inspections on a home are the buyers’ responsibilities. This means the buyer has to pay for the inspections. Inspections are carried out to establish whether there are any molds or termites in the home. Inspections include that of the pool and every other part of the house.
  3. Appraisal-Usually, the seller asks you to pay for the real estate appraisal charges. You pay for it before it is ordered through the check or any other method of payment. This comes with a deadline too.pexels-photo-45072
  4. Utility costs-In this case, it is wise for you to ask the utility provider in your county or city, such as Hightstown city, to allow you to budget on your planning bills and spread the payments over 12 months so that the payment doesn’t weigh you down.
  5. Transfer owner fee-Often, when you buy a home that has a homeowners’ association, you will be charged a fee to transfer to the new owner. This costs about $300.
  6. Earnest money deposit-This is the proof that you are serious about purchasing the home or property. Usually, the deposit is held in escrow until when you settle the full payment, also known as closing. If you don’t default your earnest deposit money, it is usually returned to you.

To determine your total expenses as the buyer or seller, you should know how much money you receive from selling your property and also how much money you will need to buy a home. Usually, there is a lawyer who helps you calculate the costs and provides you with information on the total amount of these fees. If you are a homebuyer in Pennington city, you should know that costs vary and you should not forget to consider and include in your budget some other small costs. These small costs are such as the home decorating costs, moving costs and upgrading costs.

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Estefania Castaneda
Estefania Castaneda
17:24 04 Sep 21
Extremely pleasant, attentive to all my needs always. It was a pleasure renting an apartment from Ken.
Vichai Soysouvanh
Vichai Soysouvanh
14:17 03 Sep 21
Can't say enough about Ken and his team. This was the most seamless sale I made. I didn't have to deal with all the... nonsense that comes with selling your home. They bought my house as is, I didn't have to declutter and pay a broker commission. All in all great experience, will do business again.read more
Niki Keser
Niki Keser
17:46 06 Aug 21
I had a wonderful experience renting one of their properties for 7 months. The apartment was beautifully remodeled and... Ken and his team were always responsive to any needs. I would recommend to anyone looking to sell or rent.read more
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Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
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Vishrut Patel
23:27 19 May 21
Ken was referred to us by someone who had sold their home thru Ken last year. From the first meeting to the last... transaction, Ken and his team were professional, efficient, easy to work with, and above all.... caring. Each seller's situation is different, and Ken truly understands that. We were treated with respect each time.Since we were in a time crunch situation, selling our home with a cash offer from Ken was the best decision we could have made. We were perfectly okay with getting slightly less money for our home as compared to selling it via an agent. But if you consider the money saved on agent commissions (both buyers and sellers), closing costs, repair costs, attorney fees, and most important of all... time and headache, you can't beat the option to sell your home with a guaranteed cash offer from a reputable buyer like Ken.My wife and I were very pleased with our experience with Ken. If you are in the market to sell your home fast for a cash offer, I highly recommend giving Ken a call!Best of luck!Vishread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy process.read more
Chelsea Grant
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I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair transaction.read more
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Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
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