Consider the Following When Accounting for the Costs of Buying a Home

If you are in the market for a primary residence, rental property or vacation house, you want to get the best possible price. While you may pay attention to the sales price when deciding which properties to make an offer on, there are other costs to think about, too. Let’s take a look at the other costs associated with buying property in Greensboro, NC.

You Have to Pay Property Taxes

Typically, you are on the hook for paying property taxes for the rest of the year when you buy a residential property. This is generally included in the costs that are paid when the deal closes. Future payments can either be made separately from your mortgage or as part of the amount sent to your lender each month.

Your Real Estate Agent Will Get a Commission

The person who represents you in the process of buying property in Greensboro, NC, will get up to 6% of the total purchase price. This means that if you buy a home for $100,000, your agent would get up to $6,000. While you do not have to pay this cost yourself, it could influence how much the seller asks for the home. It could also play a role in determining if the seller is willing to offer financial concessions to help the transaction along.

You Should Have the Home Inspected

It is always a good idea to have a home inspected before you buy it. In most cases, you can have this done for less than $500, and it can be completed in about an hour or two. The inspection will reveal any issues that the home could have that you may have missed during an initial showing. It can also reveal problems that the current homeowners failed to mention. The sellers may be willing to fix some or all issues before the purchase is made official.

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