It's that Time of Year Again! Homestead Exemption applications are due by April 30th!!! It is Free to file and limits the increase of property taxes. For more information chose your.
Do Not Let This Scare You
What I'm about to tell you, is not for the faint of heart. This is information is not usually shared up front, in fact after having heard what I'm about to say, it can change some people's minds. Are you nervous? Now don't fret, after I tell you this, I'm also here to help you through it! Ready? Here goes. Buying a house WILL COST YOU MONEY! Okay, so I'm sorry I had to break that to you, especially when you constantly hear, "No Money Down." What I mean by this is that there a a few expenses, that will be your responsibility up front in your process of buying your new home. Here are few expenses to expect:
Inspections. When you submit an offer to purchase a home, you will want to have it inspected. This inspection is for your best interest, it reveals any possible concerns with the home,(either known or unknown to the Seller), if anything is discovered, you will have options to ask for repairs or to back away from the deal completely, in some cases. This inspection, is an out of pocket expense to you, upfront, not billed at closing and not paid by the seller, unless you negotiate that in your offer. This cost will vary, based on structure and size of the home and you can shop around.
Appraisals. This is ordered by your lender. What is it? Simply put the appraisal, lets the lender know if the home you are looking to purchase is worth the money that you are asking them to lend you. This cost will vary as well, discuss with your lender if they will provide any assistance with this, if you are pre-approved and have a relationship with your lender (for example your bank), have them sweeten your deal by asking them to cover this expense. Not a science, but worth asking the question.
Lastly, Earnest and Option Money. This is can be as little or as much as you want it to be. Definitely not required, but can make your offer seem more attractive to the sellers, especially if multiple offers are being presented. The Earnest money, shows your commitment to the purchase, think "good faith" deposit, at closing this is put towards your home purchase. Option monies, are monies you pay to "have the option" to back out of the deal for any reason during a certain period, and the seller keeps only this amount, again at closing these monies go towards the home purchase.
Now that you know a few little details to be prepared for, I hope you are a little more confident in the journey that is home ownership.
So don't be afraid, buy in.
Your Welcome Home Realtor,
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