{"id":968,"date":"2017-05-07T06:58:29","date_gmt":"2017-05-07T06:58:29","guid":{"rendered":"https:\/\/www.weetas.com\/insights\/?p=968"},"modified":"2018-06-03T11:32:56","modified_gmt":"2018-06-03T11:32:56","slug":"7-hidden-fees-real-estate-investor-aware","status":"publish","type":"post","link":"https:\/\/www.weetas.com\/insights\/en\/7-hidden-fees-real-estate-investor-aware.html","title":{"rendered":"Buying a House: 7 Hidden Fees Real Estate Investors Should Consider"},"content":{"rendered":"

Before you start preparing and counting your money to seal the deal and buy that house you have been eyeing, you should first consider the hidden fees.<\/p>\n

Buying a house is an extremely overwhelming process<\/strong> that buyers need to go through and it is a process that should never be taken lightly.<\/p>\n

And with so many factors to be considered when buying a house, buyers \u2013 especially first-time buyers who\u00a0seek their perfect home<\/a> \u2013 are the ones who are likely unaware<\/strong> of the hidden fees that come with a purchase.<\/p>\n

Which is why it is advisable to double check<\/strong> your budget before you go and sign the contract.<\/p>\n

Here are 7 hidden fees that all home buyers should put into consideration when buying a house.<\/p>\n

1- Inspection Fees<\/strong><\/p>\n

\"Inspection<\/p>\n

Just like buying a car, you hire a mechanic to check it before closing the deal, right!<\/p>\n

The same goes for properties you are about to purchase.<\/p>\n

It is extremely important to get the property inspected<\/strong> before you sign any contracts.<\/p>\n

Hiring an inspection professional will cost you \u2013 maybe not that much \u2013 but it’s an additional cost you should put into consideration.<\/p>\n

2- Maintenance Fees<\/strong><\/p>\n

\"Maintenance<\/p>\n

This is why the inspection phase is crucial in order to determine the hidden maintenance fees.<\/p>\n

When buying a house, landlords might deliberately hide<\/strong> the fact that the property needs major maintenance<\/strong>.<\/p>\n

And even if the repairs were minor, they are still a cost you didn’t plan for when browsing for houses.<\/p>\n

New paint<\/strong>, light fixtures, floor coverings are small repairs but will cause you a headache if you weren\u2019t prepared beforehand.<\/p>\n

3- Realtor Commission<\/strong><\/p>\n

\"Realtor<\/p>\n

Buying a house is a process that requires the help of a professional<\/strong> which will cost you.<\/p>\n

Realtors<\/strong> take a percentage, so before you go and hire one<\/a>, just make sure to know their price before going any further with the buying process.<\/p>\n

But by all means, this is one of the hidden fees you should not ignore<\/strong>.<\/p>\n

Realtors are the best ones to find you the property that fits your needs, demands and budget.<\/p>\n

And thinking that going on your own will spare your extra cash will actually cost you more<\/strong> when you find yourself buying a house for more money that its actual market value.<\/p>\n

4- Earnest Deposit<\/strong><\/p>\n

\"Earnest<\/p>\n

In some countries, a buyer pays a deposit to show the seriousness<\/strong> about purchasing a property.<\/p>\n

Also, a deposit secures the house<\/strong> for the buyer and shows the buyers seriousness towards purchasing the property.<\/p>\n

Usually, this amount of money is held by a third party \u2013 a bank \u2013 in an escrow account.<\/p>\n

Many buyers don\u2019t put into consideration the fact that they need to secure the property before handling their finances.<\/p>\n

5- Appraisal Fees<\/strong><\/p>\n

\"Appraisal<\/p>\n

If you are buying a property, then chances are you will be taking a mortgage loan<\/strong> from a bank.<\/p>\n

An appraiser will come and inspect the property in order to file a report to the lender which will then determine the value of the loan<\/strong> you should get according to the appraised value<\/strong>.<\/p>\n

However, you should consider that the loan you are allowed to take might not be enough for you to purchase the property.<\/p>\n

6- Moving costs<\/strong><\/p>\n

\"Moving<\/p>\n

You are buying a house to live in, then you are going to need to move all of your stuff to the new place.<\/p>\n

Moving will cost you especially if you are buying a big house<\/strong> which means moving your old stuff and buying new ones.<\/p>\n

You need to calculate the moving costs and especially if you are moving to a new house that is far away<\/strong> from where you live now, which will cost even more.<\/p>\n

7- Interior Designing<\/strong><\/p>\n

\"Interior<\/p>\n

Despite the fact that this is not qualified as a hidden fee, but most buyers get shocked during this phase.<\/p>\n

Decorating<\/strong> and furnishing<\/strong> your house is inevitable and you need to be aware of their actual costs before you go and buy a big house that you can\u2019t afford to furnish, specially if you are planning to hire an interior designer <\/a>to help you with this.<\/p>\n","protected":false},"excerpt":{"rendered":"

Before you start preparing and counting your money to seal the deal and buy that house you have been eyeing, you should first consider the hidden fees. Buying a house is an extremely overwhelming process that buyers need to go through and it is a process that should never be taken lightly. And with so … Continue reading Buying a House: 7 Hidden Fees Real Estate Investors Should Consider<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts\/968"}],"collection":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/comments?post=968"}],"version-history":[{"count":9,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts\/968\/revisions"}],"predecessor-version":[{"id":2408,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts\/968\/revisions\/2408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/media\/997"}],"wp:attachment":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/media?parent=968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/categories?post=968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/tags?post=968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}