Timeline for How much money, outside of the cost of the house, do I need to buy a house?
Current License: CC BY-SA 4.0
11 events
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| Aug 19, 2020 at 17:05 | comment | added | jamesqf | @yoozer8: That just makes it a bad question, because there is no way to really estimate moving costs. My last move cost a couple of tanks of gas for my pickup, while friends once had a moving company transport a container of household goods from Silicon Valley to near London. | |
| Aug 18, 2020 at 12:20 | comment | added | yoozer8 | @jamesqf the questions specifically asks for moving costs to be included | |
| Aug 18, 2020 at 4:59 | comment | added | jamesqf | @yoozer8: I'll grant inspection costs might be, but they're optional. Moving costs, though, are not part of the purchase cost. You could buy a house and never move to it (e.g. a rental), or you could incur moving costs if you moved to a rented apartment. | |
| Aug 17, 2020 at 18:23 | comment | added | Nuclear Hoagie | I'll also mention that depending on what the general inspection reveals, the buyer may want additional specific inspections, like scoping an aging sewer line, performing a survey for buried oil tanks, or contracting a foundation expert to evaluate cracks in the basement. These can each run a few hundred dollars, although they're not necessary in all cases. | |
| Aug 17, 2020 at 18:01 | comment | added | yoozer8 | @jamesqf That is true for the closing costs paid to the lender to originate the loan (and sort of true for any closing costs paid by the seller, since these are covered by the proceeds to the seller from the sale, and may result in a higher purchase price), but the inspection costs and any moving costs are out-of-pocket expenses | |
| Aug 17, 2020 at 17:22 | comment | added | jamesqf | It should be noted that you generally don't pay these costs out-of-pocket. They're rolled into the mortgage amount. Thus if the house costs $190K, and there are $10K of costs, with a 5% downpayment you're looking at a $190K mortgage. | |
| Aug 17, 2020 at 14:32 | comment | added | yoozer8 | @TTT yes, you directly pay the inspector up front for doing the inspection, regardless of the results. It's the realtor that doesn't get paid until closing. Sorry if that wasn't clear | |
| Aug 17, 2020 at 14:30 | comment | added | TTT | @Zibbobz - you do pay for the inspection regardless of if the home sells. | |
| Aug 17, 2020 at 14:26 | comment | added | yoozer8 | Generally you would have a contingency clause in your offer stating that you could renegotiate or withdraw from the sale after the inspection. If major issues are found you could either reach an agreement for an appropriately lower price to buy the house as-is, or require the seller to fix the issue before the sale closes. The realtor usually doesn't get paid until closing | |
| Aug 17, 2020 at 14:12 | comment | added | Zibbobz | Thank you - this type of breakdown is exactly what I was hoping for! Just for clarification - if the inspection were to reveal an issue with the home that would make it a no-sell, I assume I would still pay the inspection cost, but would I also still need to pay the realtor for the percentage of the sale, even though it didn't take place? (I'm assuming costs to secure the mortgage agreement would take place upon approval from the lender, rather than when the mortgage agreement begins). | |
| Aug 17, 2020 at 13:56 | history | answered | yoozer8 | CC BY-SA 4.0 |