If you’re in the market for a home in Chelmsford you should be thinking about the costs associated with home ownership. If you think that the cost of your mortgage is the only financial aspect of your purchase that you have to worry about, you should do some research about what you can expect to pay when you do buy a home. There will be an interest rate figured into the payment of your home, but are you aware of the other charges that are required for buying a house? Look at some of the fees below and add their costs to the money you will need to have on hand when you find your dream home here in Chelmsford.
- Good mortgage advice will help you to get the best interest rate on the market; this is the first charge added to the cost of your home. In addition to the interest rate, you may have to pay an arrangement fee. Ask your mortgage advisor about some of the fees levied by the mortgage company to get the loan set up for you. You may want to request a printed list of fees since all of the charges are customary.
- Next, you will need to get the property that you are going to buy surveyed. You’ll need a professional to do this for you; they will furnish you with a report that relates the structural soundness of the home, what condition the house is in, and some of the other details about the area and size of the property on which the home is located. This is an excellent investment for older homes that may have some issues with property lines and rights-of-way that are not immediately apparent.
- Another cost that you will have to pay is insurance cover on the home that you are buying. Your lender wants to know that their investment is protected from damage should a fire or another type of disaster strike the home. It only makes sense that you as a homeowner should have a policy in place to protect your home from damage; insurance cover will repair or replace the damage, with you having to only pay the deductible that is determined at the time you get your policy.
- Finally, don’t forget about any estate agent fees you will be required to pay. You should enquire what percentage their fee is before you contract them. Normally, the rate is the same for all estate agents, but this can sometimes be negotiated when only a small amount of money separates the buyer and seller from closing the deal.
With good communication between you, your estate agent, and your mortgage advisor, you can determine all of the charges you’ll be expected to pay when you buy a home. If you can pay some of these fees up front without having to finance them, you will be much better off.