We all know that in order to afford a home, that is, through a mortgage instead of upfront cash, we need to come up with the down payment. A good ballpark figure is somewhere around 20 percent of the total home value. This is also true when you’re planning to buy an Aventura real estate property. But the down payment is hardly the only cost you need to save up for. Remember that when you’re saving up for a home, add a little extra financial cushion to cover those other equally important expenses.
When you’re planning to buy an Aventura real estate property, you have to add several other fees to your list of saving-musts. For starters, you need to get ready for the appraisal fee. The appraisal fee often comes out of the buyer’s pocket. There is no way of escaping this one because lenders will require this during the loan process. A good figure is around a couple hundred dollars to a little more than a thousand. The exact figure, though, depends on the size of the property and the location.
Home inspection of the Aventura real estate property you’re planning to purchase should also be saved up for. For an average property, this fee can run anywhere between $300 to a thousand. But if you’re planning to buy, say, a three-bed room house or any home with a lot of square-footage, get ready to pony up more than the amount mentioned.
Also, and especially if you are buying a condominium, get ready to pay for homeowners association fees. These are fees required for the upkeep of common areas. If you are buying a property included within a subdivision, you might also want to prepare cash for this fee.
Aside from those mentioned, you also need to prepare extra cash for the closing costs. Although there is nothing wrong with trusting the good faith estimate your lender gave you, it will still be very helpful to be ready for some surprise fees. Also, since you won’t typically know the actual closing amount, it’s useful to have extra cash to bring to the table, just in case you see yourself a couple hundred dollar short.
Lastly, you also need to think about moving costs. Once you move to your new Aventura real estate home, make sure that you got the moving fees covered. Don’t save up for this the last minute; include it in your home-buying budget in order to fully cover all your bases.
Mark Michael Ferrer
Aventura Real Estate
