INSPECTION COSTS: Before your home purchase is finalized, we advise our clients to pay to have the home inspected by a licensed home inspector. The inspector will review the condition of the house and the primary structural and mechanical systems. Inspection costs vary based on the size of the home and the services the inspector is providing. For a standard inspection of a single family home in this area a buyer should budget $400 - $700.
Of course, other inspections require additional fees. Radon and termite inspections are standard in this area and generally cost $150 each. Depending on the age, construction, or special features of the home, we may recommend additional, specialized inspections. Septic, well, swimming pools, foundation, and stucco are other special inspections that might be appropriate depending on the home. Conducting this additional due diligence for a larger home can cost as much as $3,000 if all of the above test and inspections.
LENDER COSTS AND FEES: As part of processing your loan to purchase the property, the lender incurs fees that they often pass on to you as part of your closing costs that are paid at the end of the transaction. These fees cover expenses like the appraisal, credit report, recording, legal fees, and more. You will see a detailed list of the fees you are paying as part of a "settlement statement" the lender provides to you at least three days prior to closing.
DOWNPAYMENT: This is the portion of the purchase price that you pay at closing, while the rest of the purchase price is typically paid over time through a mortgage. We traditionally speak of down payments as percentages (5%, 10%, 20%, 30% down, etc). The downpayment is paid at closing either via a wire or cashier’s check.