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How Much Should I Expect to Pay On Closing Costs?
If you’re looking to
buy your first home, or trading up to a larger one, there are many costs – on
top of the purchase price – that you must figure into your calculation of
affordability. These extra costs, such as taxes and other additional fees, could
surprise you with a financial nightmare on closing day if you’re not informed
and prepared. Below you will find estimates
on both Closing Costs (fees and expenses charged at closing) and Possible
institution may request an appraisal of the property, which would be your
responsibility to pay for. Appraisals can vary in price from approximately $150
When the home you
purchase is a resale, your lending institution may ask for an updated property
survey. The cost for this survey can vary between $600- $1,200.
Home insurance covers
the replacement value of your home. Your lending institution will request proof
that you are insured as it protects their investment on the loan.
Even the simplest of
home purchases should have a lawyer involved to review all paperwork. Shop
around, as rates vary greatly depending on the complexity of the issues and the
experience of the lawyer. Remember… A real estate purchase is usually the
largest financial decision anyone will make, don’t avoid legal advice as it may
cost you greatly down the road.
Mortgage Brokers Fee
A mortgage broker is
entitled to charge you a fee in order to source a lender and organize the
financing. However, it pays to shop around because many mortgage brokers will
provide their services free to you by having the lending institution pay for
Property Transfer Tax
This tax is applied
whenever property changes hands and the amount that is applied can vary.
This is another service that your agent can help you
with. Usually a good agent knows who the reliable and licensed area inspectors
are. The fee for this service also varies depending on the type of inspection.
I cannot stress enough how important it is that every buyer use this service.
The information can not only alert you to drastic foundation, roof or plumbing
issues but also address issues that you will have to deal with later so you
know what you are in for before you take possession.
Additional Fee’s to Consider…
The cost for a
professional mover can cost you in the range of:
$75-$200/hour for a
van and 3 movers, and
10-20% higher during
peak demand seasons. Using a licensed and properly insured company is good
Mortgage Loan Insurance Fee
Depending upon the
equity in your home, some mortgages require mortgage loan insurance. This type
of insurance will cost you between 0.5% to 4% of the total amount of the
mortgage. Usually payments are made monthly in addition to your mortgage and
Depending on your down
payment, your lending institution may decide to include your property taxes in
your monthly mortgage payments. If your property taxes are not added to your
monthly payments, your lending institution may require annual proof that your
taxes have been paid.
Condos charge monthly
fees for common area maintenance such as grounds keeping and carpet cleaning in
hallways. Homeowners associations may
charge monthly or yearly fees depending on the level of services they provide. Costs
will vary depending on the building and associating type.
If the town you live
in has made local improvements (such as the addition of sewers or sidewalks),
this could impact a property’s taxes by thousands of dollars.
Type the characters
What our clients are saying
Dan and Sheri Brewer embody going above and beyond, going the extra mile and serving with excellence. They were always available through the process and never pushy. They were honest with their feedback and took so much time explaining inspection reports, comparison reports and any other document that came our way. They reminded of us important deadlines along the way and even reminded us about utility transfers and logistics that can easily be forgotten when going through the home buying process. Most importantly, they are great realtors but even more, they are amazing people. They own their business and are not tied to a giant realty company. Their way of doing business was refreshing and a blessing to my family. I HIGHLY HIGHLY HIGHLY recommend them if you are buying a home. You will not be disappointed!
~ Rebecca L.
They are the best; always there and very caring. They found the perfect home for my family and walked us through every step. I will be using them when I sell my other property.
~ Shela W.
Dan and Sheri are amazingly accommodating with their time and expertise. Regardless of the price value this team works consistently hard and makes me feel valued as a client.
~ Ron L.
Being first time home buyers, my wife and I were thinking of going about home buying on our own. But after working with Dan and Sheri, we are so thankful for having chosen them as our realtors. From the first day we started working with them, Dan and Sheri were 100% on the ball, responding immediately to our inquiries, setting up times for us to view homes, and working diligently to put in offers. They were great at finding listings that met our geographic, price, and other criteria. Once we were under contract, they were present during the inspection and continued to follow up with the listing agent. Their professionalism was a breath of fresh air as they guided us throughout the home buying process and offered sound advice, but gave us the freedom to make our own decisions. Even after the home buying process was finished, they are still responsive and knowledgeable about any other concerns that we have. We would recommend them without hesitation to any other home buyer.
~ Kyle S
I can't recommend Brewer Realty Group enough! Every step of the way, they were there to help, guide and assist me though the myriad of things that you encounter when purchasing a new home. We wanted to buy a house during this Christmas season. We not only found a house the week before Christmas, we closed on the home on 12/31! We could never have accomplished this without the efforts of Brewer Realty Group. Day or night, weekend or holiday, they were working with us, to make this purchase a reality for us. They always had our best interests at heart and informed us of the process. They were on site for every inspection and helped us wade though every detail to ensure we made an educated decision on the biggest purchase of our life. If you want a top quality agent, a partner to bounce ideas off of, a committed professional to guide you in the process, and an honest and trust-worthy advocate for you in the purchase of a new home - then look no further than Brewer Realty Group!
~ Jen S.
My work with Dan and Sheri several years ago when they managed Cuchara Enterprises, we had purchased a condo in the area. They were the property managers at the time (he later joined the realty group we bought our condo from). And what I experienced was two very honest, very hard working people. And I would not hesitate to recommend them!
~ Larry Kock
I have know Dan for 15 years. He helped me purchase and subsequently sell a condo. Prior to selling the condo Dan and his wife managed the unit while it was in a rental pool. He demonstrated masterful negotiation skills, priced the unit correctly and was responsive to me and potential buyers and their agents. Dan is quite knowledgeable. I highly recommend the Brewer Realty Group.
Dan helped us purchase a vacation home in Cuchara, Colorado. Dan was very attentive to every detail and kept us up to date as the transaction progressed. He was great to explain everything on a level we could understand and was very knowledgeable about the area and made sure everything we needed was taken care of from the time of the showings to long after we moved in. Thanks to Dan our purchase was a wonderful experience and we are still friends today!
~ Linda Batchelder
It was such a pleasure working with Dan. He is not only intelligent but quick on his feet, kind to all, and very well versed in property management, customer service, and countless aspects of real estate and development operations. Anytime I needed anything, he was there before I even needed to ask for help and often he was already there right when I realized something was needed. He is excellent with clients, customers, owners, brokers and coworkers. There is not a single person that didn't enjoy working with him. I am absolutely certain that despite any platform or situation, Dan will handle it with the upmost thought, hard work, and dedication.
~ Jessica K.
Our company faced the challenge of purchasing a 3000 acre parcel that had a lot of complicated baggage with it. The sellers were represented by 13 Lawyers. We were represented by Dan Brewer. The deal had to be closed fairly quick and there was a mountain of work to get through. Dan handled everything from Surveyors, appraisers, County Officials, HOAs and the 13 lawyers. On several occasions it looked like the purchase would not go forward but Dan always found a way to work with both sides and make it happen. We closed on the purchase and couldn’t have been happier with the outcome. Our company works with agents all over the country but none have earned our respect the way he has. Dan is truly an exceptional real estate professional.
~ Cowtown Properties
Dan and Sheri worked so hard on getting my property sold that I really was amazed. My real estate had been on the market on and off for 5 years before I met these two. They gave my property a fresh look and used imaginative thinking to bring in new clients. After I had it listed with Dan for 3 months, he had multiple offers and I ended up selling above the list price. I am happy to recommend these guys to anyone who wants results. They know how to get it done.
~ Earl B.
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