When you buy a home in North Carolina, you might assume that you’ll just be paying the down payment and a few closing costs. However, there are several hidden costs associated with buying a home that you should prepare yourself for. Otherwise, you might end up draining your savings account before you move in.
What are some hidden fees associated with real estate?
Before you buy a house, you might want to pay for a professional inspection. An inspection isn’t required according to real estate law; you could buy the house and be done with it. However, you might discover that the house has serious issues that require thousands of dollars to repair.
If you hire an inspector, that professional can catch possible issues right away and notify you before you buy the house. You might decide not to buy the house after all, or you might choose to negotiate with the seller so he or she covers some of the repairs. Either way, you’ll be saving money.
Your lender might also want you to get the house appraised so that the actual worth is known before a mortgage is loaned. Typically, the lender will hire the appraiser and send you the bill. It can be expensive, but it also lets you know exactly how much the property is worth on the market.
When do you need to hire an attorney?
Many people don’t realize that real estate is subject to laws, just like anything else. And if you’re not careful, you could end up getting involved in a legal dispute. An attorney could help you protect yourself from disputes and could negotiate contracts with other parties involved in the sale. They could also help you sell the property or refinance your mortgage later. If you’re building a house, your attorney could help you with building codes and zoning laws.