How Much Does It Really Cost To Buy A Home In San Antonio

Dated: 05/24/2017

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Helpful Real Estate Tips from San Antonio Realtor, Cristin Swoboda:

Home buyers are often surprised to find out that there are several extra costs and upfront payments to consider when purchasing a home, some of which are in addition to the actual cost of the home itself.  It is imperative to be prepared for these costs and upfront payments, and to understand them as you embark on your home buying journey.


Option Fee – In Texas, it is customary to provide an option fee for the period of time allotted to you to run your inspections.  The amount and length of time are negotiable but it is usually a $100 option fee for a period of 10 days.  If you finalize the purchase of the home, the option fee will go towards the cost of the home unless the contract states otherwise.  If you do not move forward on the purchase of the home then this fee would not be refunded to you.


Earnest Money – When the purchase contract has been executed, you will pay earnest money or a good-faith deposit toward the purchase of the property.  The amount is usually 1% of the purchase price of the home, but is negotiable. This payment is held in escrow with the title company and will go towards the purchase of the property at closing.


Inspections – Home buyers don’t usually consider the cost of various inspections of the property that they are considering to purchase.  It is highly recommended that you have a general inspection performed and the cost starts at about $350 and goes up, depending on the size of the home, type of foundation, etc.  After you receive the results you may want to hire specific trade companies to further investigate certain systems of the home such as HVAC, plumbing, electrical, roof, and foundation.  These further inspections can have costs associated with them as well.


Closing Costs - Closing costs are all the fees you will pay when you close on your new home, and most of them are associated with your home loan. Some of the items you can expect to pay for include the following: survey (if needed), appraisal, loan fees and down payment, escrow account fees and funds for property insurance and taxes, and HOA transfer fees (if applicable).


Your Realtor and lender will assist you in understanding all the closing costs that will pertain to your specific transaction.  Your lender will provide you with an estimate of the full amount you would need to have available at closing, which will include all the closing costs.  Your Realtor can negotiate to have the Seller pay for some of your closing costs to reduce the amount of money you would need to bring to closing.  This is a great reason to hire an experienced buyer’s agent – they will negotiate the best price and contract terms to fit your specific situation.


Please contact me today with any questions you have about the costs or up front payments associated with purchasing a home, or anything about San Antonio real estate in general.


Call or text Cristin Swoboda today with all your real estate needs!

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