Buying a new home is the most expensive purchase most people will make in their lives. It is an exciting time with just a healthy amount of stress thrown in. When searching for a house to buy you most likely asked an agent to search real estate listings for you, and you probably have been searching the Internet too. Don't let the listing price fool you on the actual worth of the property. Here is how to find out what the home will really cost you.
Have the Home Appraised
You really shouldn't simply go by the Internet listings on what a home costs. If you are planning to make an offer on your own, with or without an agent, you should at least get the property appraised by a professional. They will look at the land size, any renovations the house has gone through recently and they have knowledge of existing commercial property values as well as any impending properties in the area. This all contributes to the value of a home.
Every home is subject to property taxes. This is paid on the piece of land the home sits on. The larger the piece of land, or even the county it is located in, affect the price of those taxes. If you are a new home buyer, you might not realize that you need to pay these taxes either once a year or in some cases, you can split up the payments over the course of the year. This does raise the actual worth of the home by a percentage since it determines how much a buyer is willing to buy the home for.
In some areas, mostly larger cities where parking is at a premium, you just might have to pay for a parking spot. This is also true if you purchase a condominium. These parking spots can raise the worth of the house simply due to the added expense if the home does not have its own driveway. As with property taxes, it affects what buyers are willing to pay for the property. It might in some cases, for example if it is not a hot market, prevent the home from selling quickly if there is no ready parking spot or driveway available.
For condo dwellers, maintenance fees are a fact of life. They typically include utilities like heat, electricity and water, but they also include building maintenance, grounds-keeping and any upgrades made to the building. This will increase the worth of the home, and buyers should factor in the cost of both a mortgage and maintenance fees in their offer when they bid.