Hidden Costs for New Homeowners

When the time comes for you to buy a home, new homeowners need to understand that there are ‘hidden’ costs and fees when you are ready to sign on that dotted line. We are calling them ‘hidden’ because they are not included in the actual price of the home, these costs are obtained through the buying process and at the time of closing.

Here is a breakdown of those ‘hidden’ costs.

 

Home Inspection

Although this is an optional expense, it does protect you from purchasing a home that may have a lot of issues that may not be obvious. These can include things like mold, problems with the heating or cooling system or water leaks. A rough estimate for a home inspection is $300-$500. Keep in mind, if you end up not buying the house after the inspection, you are still obligated to pay the fee.

Appraisal

This is a necessary fee that asses the home and property so your lender knows that you are paying what the property is worth. There are times when a seller may have to adjust their asking price due to an appraisal coming in under the amount of asking. Appraisal fees can run $200-$500.

Loan Application Fees

These fees start the entire loan process. A lender will need to run your credit report to ensure you can qualify for a home loan. That fee is included in the application fees. These typically run $75-$300.

Title Services

Title services include running a title search on a property, paying the notary to notarize all the documents that you sign, and the required government filing fees. It is important to get a detailed invoice for these fees so you are fully aware of what you are paying for. These fees run $150-$400.

Origination Fees

These fees go to the lender for creation of the loan. These are paid upfront and include processing the loan application. the underwriting process and the actual funding of the loan. These fees are usually based on a percentage of the loan amount and range from 0.5%-1.5%.

Private Mortgage Insurance (PMI)

If you put less than 20% down on your new home, the lender will require you to purchase PMI. This protects the lender from losing money in the event of a foreclosure. This fee can be re-assessed at such time as you have equity in your home. This fee is based on a percentage of the original loan amount as well.

 

Disclaimer- All dollar amounts and percentages are estimates. 

 

Tips for Getting Your Home Ready to Sell

Now that you have made the decision to sell, getting your home in the best condition so it will show well can take a little time.

 

Some simple tips for getting your home ready to sell are just minor details. Like, on showing days, be sure there are no dishes in the sink, all the beds are made and the house is freshly vacuumed. Wipe off counters, hang fresh towels and putting fresh flowers out is a nice touch!

 

Here are a few other tips to consider:

Give your house a deep cleaning

You want any potential buyers to get the best first impression possible. Deep cleaning includes, laundering drapes, cleaning base boards and blinds. Remember not to neglect the bathrooms. Give your backsplashes a good wipe down in both the kitchen and bathrooms.

De-clutter

Having a cluttered space makes it difficult for some buyers to see the homes potential, it can also make a space appear smaller than it is. Getting rid of unnecessary Knick knacks and decorations will allow people to see their belongings in the space, and make the space more asthetically pleasing overall.

Paint Walls

A fresh coat of paint can do wonders for a room. Stick to neutral colors like light grays, whites and beige etc. Having freshly painted walls also allows potential buyers to check an item off their list of things to do when they move in.

Stage Your Home

Spruce up the inside by adding textures, symmetry and nice linens. This can be as easy as adding throw pillows. Lighting candles also adds warmth and homeyness.

Don’t forget about curb appeal, make sure your yard and walk ways are free from debris and obstacles.

Hire a handyman

Little things like broken drawers, even burned out light bulbs etc, may seem like just annoyances but having multiple items that need fixing can devalue your home to some people. Do the things you can do yourself, then hire a handyman for the others.

YourHOME Close to EVERYTHING

241 Downington Ave.

We love Sugar House and everything near by. Living in this Downington home you will be close to EVERYTHING!

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$250,000

Features

Beds: 2
Baths: 1
Square Feet: 1,631
Year Built: 1921
Area of Town: Liberty Wells
Lot Size: .11
Property Tax: $1,474
School District: Salt Lake
MLS #: 1486613
Basement – Unfinished
Bathroom on Main Floor
Broadband Available, Fiber Soon
Fireplace
Gas – Radiant Heat
Great Location

The Bungalow

Just block away from Sugar House, S-Line, Freeways, you might not even need a car!

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This brick bungalow is a just stroll to SLCC and a short bike ride to S-Line, Liberty Wells Park, Smith’s Ballpark and has a corner park just at 300 East. Easy access to highways, Sugar House, downtown, and the new Winco. Square footage figures are provided as a courtesy estimate only and were obtained from County Records. Buyer is advised to obtain an independent measurement. Owner/Agent

241 Downington Ave.

Sienna Curry

Sienna Curry

Real Estate Consultant

Sienna Curry came to the Market Source team originally as a client. She loved the process so much she decided to quite her job and join the team. As a gal from the south, politeness is an understatement. Sienna’s clients might hear a slip of a Y’all and of course Ma-am and Sir are part of her daily speech. She may be from the South, but  living in Utah for the past 5 years she knows the best of what Salt Lake has to offer. An avid skier, outdoor enthusiast, and dog lover, she fits right in.

Contact:

Phone: 916.661.4921

Email: sienna@marketsourceagent.com

YourHOME with Views in West Jordan

6154 West 8260 South - West Jordan

One of the best parts of living in West Jordan is the incredible views of the Wasatch Mountains. This home sits next to a small park and gives you amazing unrestricted views of the mountains.

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$325,000

Features

Beds: 4
Baths: 2
Square Feet: 3,051
Garage: 3
Year Built: 2003
Area of Town: West Jordan
Lot Size: .24
Property Tax: $2,019
School District: Jordan
Basement – 20% Finished
Master Bathroom
Central Air
Fenced Yard
Fireplace
Forced Air
3 Car Garage – Attached
New Granite Countertops
Tile Floors
Laundry Upstairs and Downstairs

 

YourHome in West Jordan

This large great room is a perfect gathering place for all of your upcoming holiday parties.

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The master bedroom is our second favorite space in the house. The huge bay window, the walk-in closet, and the separate tub/shower makes this master bedroom and bathroom a true retreat. The basement has just one room finished, but the rest is ready for the new owner to use as storage or build out their own dream basement. This is one of those homes you don’t want to miss.

 

6154 West 8260 South, West Jordan, Utah 84081

Jeremy Higginson

Jeremy Higginson

Co-Owner / Associate Broker

Jeremy Higginson isn’t your typical real estate agent. Some might say that he is more of a construction and old home guru than a pretty face selling homes. He is married to the boss, Monique Higginson but that story started over 20 years ago. Living in the Salt Lake Valley for over 40 years and owning 22 homes, he knows a thing or two about the area. Serving on the East Liberty Park Community Organization (ELPCO) and formally working with the Sugar House Chamber, he knows what neighborhoods across the valley have to offer. Finding or selling a home, you won’t go wrong with this real estate veteran of over 15 years.

Learn More About Jeremy

Contact:

Phone: 801.205.8231

Email: jeremy@marketsourceagent.com