BE AWARE OF EXTRA COSTS

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The biggest mistake new homebuyers make is looking at the cost of the home as the amount of money they will be spending – total. This is not the case, and staying aware of extra costs will give you a chance to prepare and make sure to prevent headaches down the line.

Before you have even closed on your home in Palm Beach, there are several extra costs that will pop up. You will certainly be paying for the inspection for the home, as well as the appraisal of the home. Your lender requires it, so there’s no way around it. Other fees will come up at the close of the escrow as well as fees involving the bank or lender, such as a mortgage broker’s fee, and document preparation fees. Insurance costs, such as property insurance might sound familiar, but are you aware of the mortgage loan insurance fee that may be require depending on the equity in your home?

Moving into your home, whether it is in West Palm Beach or Hypoluxo Island, can also be a hefty extra cost, depending on where you are moving from, and how much you have to move. Traveling light? Then remember that you won’t want your home empty for long. Buying furniture will be both an important activity and expenditure. And if you intend to make improvements on your home, be sure to factor in the potential extra costs for those beforehand.

What else? Utility fees are easy to forget, until your lights are turned off. Telephone, cable, gas, and electricity – all these are monthly costs to remember, and depending on the situation, may even require installation fees. If your town also goes through improvements, you should also be ready to pay extra property taxes.

Sounds like a lot, but it’s important to stay realistic about extra costs when buying a home, especially in exclusive areas like Hillsboro Mile. You’ll thank yourself for being aware and staying prepared.

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