Hidden Cost of Homebuying

February 8, 2022

Potential buyers typically budget for their down payment, but buyers new to buying a home should know about these costs.

Who pays for Closing Costs in FL?
Both the buyer and the seller pay for closing costs in Florida – they are responsible for different costs.

Here is a lists of Cost the Buyers Pay For:

Prorated HOA charges, HOA approval fees ($100-$600 varies)
Survey fee ($200 – $800)
Appraisal fee ($300 – $600 varies)
Loan origination fees (varies)
Home inspection ($300 – $600)
*Recording fees

CLOSING COSTS

*Closing costs are the fees paid by the buyer and the seller when a home is sold. These fees typically need to be paid upfront. These range between 2% to 5% of the loan amount.
The national average is about $6,000.

$800 to $2,150. (That’s for a two-person moving team completing a local move of less than 100 miles. The average cost of a long-distance move: between $2,200 and $5,700.)


HOME INSPECTIONS

These typically run from $300 to upward of $600 depending on the location and size of the home.


TITLE INSURANCE
The average cost of title insurance is around $1,000 per policy, but that amount varies widely from state to state and depends on the price of your home.

POTENTIAL RENOVATIONS

A 2017 survey found that new homeowners spent an average of $10,601 on furniture, appliances, and home repairs in the first year.

MOVING COSTS

The national average cost of moving is about $1,400.

Source: Florida Realtors

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