Purchasing a home is a euphoric event. Once escrow begins, the euphoria can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate.
Budget for Closing Costs – Home Inspection and Title Fees
Acworth GA real estate, like any area, involves costs beyond the price of the home which include home inspection and title fees. These closing costs simply refer to the fees associated with various things associated with the escrow process in a real estate transaction. In the excitement of having an offer accepted for your dream home, you can easily lose track of the fact you are going to need to have some serious cash on hand to pay them. Many people make the mistake of only assuming they need the down payment money, and have to rush around town trying to come up with money for the closing fees.
If you are buying a home, you need to get a professional home inspection. Doing so can reveal potential problems with the home that you wouldn’t otherwise notice. Problems can include things such as rot, termites, water leaks and a bevy of other issues. Homes in Acworth GA can be near the lake, and this can present issues as well. The time to do this is during escrow. Of course, that means you are also going to have to pay for the inspection. Depending on the size of the property, home inspections can run a few hundred dollars up to a few thousand. Make sure you have money set aside for the fees, and read our checklist on questions to ask your home inspector.
Title insurance is something you absolutely must purchase when you buy any real property, a home, building, land or whatever. Title insurance protects both you and your lender. Title insurance is just what it sounds like. A title company will research the title of the home and essentially guarantee that the title is good. This means the seller actually owns the title and has the right to sell it to you. The title company will also make sure there aren’t any liens on the homes or other things that will cause you problems, jst think about Acworth GA real estate on Lake Allatoona and lakefront title issues. Depending on the price of the home, title insurance can run you a couple of hundred dollars or up into the thousands. Again, it is important to find out the cost and budget for it. We also offer a checklist on 5 things to know about title insurance.
Title insurance and a home inspection are two things you should absolutely have when purchasing a home. Just make sure you budget for them. As a real estate agent in Acworth GA, we work with you on the many steps involved in closing on your home and understanding the costs involved. Let us know how we can help you.