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3 Costs You Might Face When Buying New Haven Real Estate

3 Costs You May Incur When Buying New Haven real estateIf you’re in the market for a new home and are wondering what it might cost you on the New Haven real estate market, we can help. The city of New Haven has a wide diversity of property types and neighborhoods that make it difficult to pin down what your home might actual cost you, but there are other costs associated with buying a home that you might not think about when it’s time to look at the home of your dreams.

While mortgage calculators on many websites can give you an idea of what your payments might be for a particular price point of home, they often leave out some of the more hidden costs that you might not think about. Here are three of those costs you should consider when it’s time to make a decision:

  • 1.) Closing Costs: This may be the most obvious of the three, but there is significant cost associated with closing on a house. You will need to cover this amount in full before you can put your signature on the dotted line. These costs can be so varied that it would be difficult to cover every scenario, but they may include: home owners insurance, credit report fee, attorney fees, and more. When you’re ready to start looking at a property, you’ll want to consult a New Haven REALTOR® for more information on what you may expect for closing costs.
  • Utility Transfers: If your new home heats with oil, you’ll need to reimburse the current home owner for any oil that has already been paid for and is already in the tank. You may also find that you will need to pay some water or electricity bills that are pre-paid in some areas.
  • Home Inspection: There are those that might forgo a home inspection, but we think you’d be foolish to do so. Generally speaking these can cost a little bit of money, but they will protect you from getting into a home with unknown issues that will end up costing you significantly more money in the long run.

As we mentioned above, this is certainly not an exhaustive list of costs you might incur when buying your next home, but they are three that you might not be ready for one they arise. If you have questions about any other costs you might incur when you’re looking to buy a new home, feel free to ask us on our Facebook page here.

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