Hidden Expenses When Buying A Home – Part II

foreclosure defense attorneyRenovations to the Home

It is usually necessary for new homeowners to do small to moderate renovations to their new home. Things such as painting, changing fixtures, modifying kitchens and bathrooms, can amount to tens of thousands of dollars very quickly. It usually costs homeowners anywhere from 1 to 2% of the purchase price of a home to do minor modifications or renovations to the home to make it more livable and/or suitable for their life.

New Appliances

So you have just bought your new home. When you look at your kitchen, do you really want all of the old appliances? If you are going to buy new appliances, this is the right time. However, appliances are not inexpensive. Purchasing new appliances or upgrading old appliances can run into thousands of dollars.

Termite Inspections

If your home is made of wood, you need to have a termite inspection. Termites have been around since the beginning of time. In many areas of the country, forests were originally cut down to make room for the development of communities. When they cut the forests down, the termites didn’t leave. They went into the ground and they feasted on the new homes that were built.

A large portion of the homes in the northeast of the United States during the course of their lifetime will be subject to termite infestation. Before purchasing a new home it is important you have a termite inspection to make sure your home is termite free. If termite damage exists, the termite damage should be repaired before you close on the purchase of your home. In addition to termites, there are other wood destroying insects that you need to be concerned with. Carpenter ants also can cause significant damage to homes. The cost of termite inspections and/or repairing the damage done by termites can be an unforeseen expense when purchasing a new home.

Escrow for Taxes and Insurance

When you close on a home, the bank will usually require you deposit a certain amount of money in escrow related to your annual tax and insurance payments. Banks require 1/12 payments each month to be made by the homeowner related to the hazard insurance costs on their property and the real estate and school taxes that are due on their property. At the time of closing, banks normally pick up at least one month’s taxes in advance and the balance of the month from the date of closing until the first date of the next month.

homeowner advocatesElliot Schlissel and his associates are foreclosure defense lawyers. They litigate foreclosure lawsuits on behalf of homeowners and help them obtain mortgage modifications. Elliot and his associates have been helping homeowners keep their homes for more than 45 years.

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