What expenses should I expect when buying a home in Sun-Shiny Florida? Info for First Time Home Buyers

When contemplating a purchase of a home, you may wonder..."what are going to be some expenses I can expect to pay prior to closing on my new home?"

Once you find a home that you really feel called to, you will need to make an offer with your real estate professional and you will want it to be considered a "strong offer". I would suggest making an offer with at least a $1000 earnest money deposit. This money will be taken to the title company that the seller usually picks that will handle the closing. It will be held at the title company until the day of closing and goes towards the purchase price of the home.

Once the negotiations are complete and you have an "executed contract" you will want to order a home inspection. I really like The Home Team in the Tampa area. They are extremely thorough and quick in the fact that they send out a "specialist" for each major component of the house --- roof, air conditioner, termite inspection, electrical, plumbing. You can expect to spend approximately $350 for the home inspection plus and additional $75 for termite inspection. The fee is somewhat dependent on square footage. On the offer, 10 days is how long you have in order to do the home inspection; in order to present an even stronger offer, I write in 5 days instead so as to be able to remove that contingency as soon as possible which is appealing to both seller and buyer.

An appraisal is required by your mortgage company -- approximately $375. This will be ordered by your mortgage company or mortgage broker. Depending on the type of loan this may be able to be included in your closing costs. If not, you will need to pay it out of pocket at the time of the appraisal.

A survey is also required. If the seller had one done recently, it may just need to be updated for a smaller fee. Otherwise a good estimate is $400.

On the day of closing, your Realtor can also order a Home Warranty that will cover any major repairs that may need to be made in the first year with a small "co-pay" whenever you need to call a repairman out -- for air conditioning, plumbing, etc. You can also request a home warranty to cover the pool if applicable. In the negotiations, you can put that in the contract for the seller to pay that for you and with a note that your REOs order it so you can select the plan most beneficial to you with a maximum price of $375 or so.

Knowing what to expect brings peace of mind. I hope you find this information useful. Please let me know if you have any questions.

Please call me if there is anything at all that I can do for you.

Warmly,

Stephanie LeFew

Northdale Realtor / First Time Home Buyer Instructions and Advice / Step By Step Instructions in Buying a home of your very own

www.TampaHomeBuy.com

My Services are FREE to Buyers!! I also offer Buyer Incentives!!

813-624-3332