3 Costs You Need to Expect When You Buy a Home
Before you close on a home, you’re going to have to fork over some of your hard-earned cash for necessities like the appraisal, the home inspection and title insurance. Here’s the scoop.
You don’t get to shop around for appraisers. Your lender will choose an appraiser and send you the bill. It’s a necessity, too – your lender won’t let you borrow the money to buy the house without having it appraised to see exactly how much it’s worth.
Having a home inspection is optional, but smart buyers know they need it. You never want to pass on a home inspection – it’s an opportunity to discover exactly what’s wrong with the house, which you can then use to negotiate with the sellers (or, if it’s something you can’t deal with, to back out of the deal with your earnest money intact).
Your lender is going to require you to buy title insurance, which protects the lender from title problems that affect your ownership of the home. You may want to buy personal title insurance, too, because the type your lender makes you buy only covers the lender’s losses in the event that someone disputes your home ownership.
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