How Much Can You Really Afford When Buying a Home?

It can be easy to think that the price listed on a property website is the price you will pay for the property. Unfortunately, these costs are very different.

When it comes time for a first-home owner to buy their home, many can often go over their budget simply because they were unaware of just how many fees involved in the process.

Common Fees You Can Expect to Pay When Buying a Home

To help you prepare and budget for some of the most common fees and costs you will see along the way, Patriot Title Agency has prepared the following post.

Solicitor Or Conveyancer Costs

As odd as it seems, solicitors have a lot to do with buying a home and transferring its title. This is because the process is largely legal-based in order to protect both yourself as the buyer and the seller. If you don’t want to enlist the service of a solicitor you can opt for a conveyance who can provide a similar service. Each provider will offer different services at a range of costs. For this reason, don’t just go with your first option. Instead, look for a provider who can give you the level of service you need. If you are brand new to the home buying market, it could help you to pay a little more to get a provider who is happy to hold your hand the entire way to help you both learn and complete the process as smoothly as possible.

Costs for Settlement

Despite how much technology is around us, the process of settlement is still largely completed manually. This means that the solicitors acting on behalf of yourself, your lender, and the seller, will all need to meet to exchange documents, checks, keys, and your title. Each of these providers will charge a fee which will all form part of your settlement costs. Again, the total cost will differ depending on the parties involved. However, these costs are made available upfront by the providers, such as your solicitor or your conveyancer, so be sure to ask about them when looking for somebody to represent you in your transfer. The benefits of title insurance in Canton, OH can’t be overstated. Whether a claim is made because of a forged signature 20 years ago or because a genuine claimant didn’t receive their share of inheritance, title insurance Canton, OH can protect you. To learn more about title insurance in Canton, OH and how it can protect you and your title ownership, speak with Patriot Title Agency today by calling 1-866-475-3005.

Utility Fees

If you don’t know anything other than renting then council fees and rates will be completely new to you. These are costs paid to the relevant councils for services such as water provision, maintenance, and even garbage collection. These fees are usually paid in advance by the homeowner, which would be the seller. As the seller won’t be in the property after it settles, they will look to recoup these costs paid from yourself. Alternatively, you may have to pay the council directly at the time of settlement. Either way, these are costs which are payable by the buyer and costs which you should consider. The price will vary depending on the area and the size of the home, and your solicitor or even the local council can guide you as to how much you should budget for.

Inspection Cost

You wouldn’t buy a used car without taking it to your mechanic to have it thoroughly and professionally inspected, so why should buying a home be any different? A qualified building and property inspector will perform an inspection of your new home and provide a thorough report detailing any current issues or anything which could cause you costly problems in the near future. When you are enlisting the services of a property inspector, it’s important to keep in mind that they can all provide a different level of inspection and report. The perfect example is the roof. Many inspectors will only give your roof a visual inspection from the ground and won’t actually climb up to inspect for any broken tiles or potential leak indicators. The same can be said for the foundations of a home. How much you pay can and will determine just how thorough the inspection and subsequent report is, so keep this in mind when enlisting the services of a property inspector.

Protect Your Investment with Title Insurance in Canton, OH

Available only prior to settlement, title insurance in Canton, OH is the best way to protect yourself against any legal claims made against the ownership of your home’s title. To find out how title insurance in Canton, OH can protect you or to get the process started, give the experts at Patriot Title Agency a call at 1-866-475-3005.