Lake Norman houses for sale

image-12Wondering how much a nice house from Lake Norman houses for sale cost? Well apart from the mortgage, there are some upfront fees that you need to think about. Make sure that you include then in your home purchase budget to avoid surprises and overspending.

Major upfront cost.

Deposit

This is the amount of money that you pay towards the cost of buying your home. At least most agent demands between 5% and 20% of the purchase price. The bigger the deposit, the more your mortgage rate will be low and hence the total cost of owning the property.

Stamp duty

Use the stamp duty calculator to check how much you will pay for buying a property in the USA. Stamp duty is the government tax paid on homes costing more than 125,000. The rates fluctuate from time to time.

Valuation fee

The mortgage lender or the bank will assess the value of the property and establish how much they can lend you. The cost varies depending n the value of the property. Some lenders may not charge you this fee, but that again depends on in the type of mortgage you select. The lender’s valuation is brief and will not include any repairs or maintenance needed after you buy the house.

Surveyor’s fee

Every property needs to be checked by a surveyor before it is bought. This is crucial, so you understand any issue with the property before you pay. Surveys range from basic home condition to full structural survey. By paying for a good surveyor you save money in case the house need repairs.

Legal fee

You will need a licensed conveyancer or a solicitor to carry out legal work when selling or buying a home.

Electric transfer fee

This fee cover the cost of moving the mortgage money from the lender to the solicitor.

Estate agent fee

It is only paid by the seller, not buyers, for the agent services. It is negotiated once the property is put on the market. Usually, it is between 1% and 3% of the sale price plus 20% Value Added Tax.

Removal cost

The cost of moving in-house items, or removing them if you are selling a home. It is avoidable if you have your van.

Other costs are classified as on-going cost. They include maintenance and repair of the home, insurance cost, council cost, running cost and leaseholders cost.