6 Fees To Be Aware Of When Buying Or Renting A Home

You may need to save up more than you thought to cover unexpected fees
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Whether you are thinking about buying or renting a home, you’re likely to have gone over the costs multiple times in your head. Double-check your budget with these fees to make sure you’re ready to make your purchase.

Deposits

Here are some fees you may not have thought about when buying or renting a home.

It seems like a no-brainer, but deposits can quickly become unexpectedly high fees. Generally, putting down a deposit requires that you pay two months’ rent, but often can be as high as three months’ rent. In a perfect world, that cost will come back to you eventually – but it shouldn’t be something you factor into your budget as a guaranteed reimbursement.

Application Fees

Application fees, though usually small, should still be taken into consideration when buying or renting a home.

Renters beware, application fees can pile up quickly. When filling out paperwork to rent a home, almost every renter charges a fee (often $55 or more) in order to put in an application. If you’re renting with a spouse or housemates, they’ll also have to pay the same fee when they apply to rent the home. Buyers should also keep application fees in mind when taking out loans to purchase a property.

Amenities And Utilities

Always be sure to factor in utility bills and amenity fees when budgeting.

Amenities, while often convenient, also have some lurking fees that go along with them. Club fees, maintenance and laundry (if there aren’t in-unit machines) can all sneak up on buyers and renters depending upon the neighborhood or complex. Although it’s difficult to always pin down how much utilities will cost, don’t forget to factor those into your budget. Owning a home is great – owning a home without electricity, water or garbage pick up? Not so much. If you are ready to buy a home, the best way to avoid this headache is to work with a real estate agent you can trust, such as the talented team at OMG Brokers. The best agents will be able to access and give advice on maintenance fees and historical assessment fees for a building or community.

Pet Fees

Pets are cute, pet fees are not.

Pet-lovers who rent their homes know this one all too well. Even after you’ve gone through the trouble of finding a place to live that accepts pets, you’ll likely have to pay an extra fee to keep them in your new home. Not only can you be required to pay pet fees, your monthly rent may be increased based on how many pets you have, as well as their size. Be sure to factor this into your budget before you’re surprised by an unexpected fee.

Closing Costs

Even when you think you're done, beware of unexpected fees.

Closing costs are the fees involved in transferring ownership of a home from seller to buyer, and can easily cost thousands of dollars depending upon the value of the property. Be sure to negotiate these costs with the seller or with the help of a real estate agent to get the best deal, but be aware that you may have to pay the full cost yourself.

Inspection Fees

Inspection fees can catch you off guard - hopefully the findings of the inspection won't.

Inspection fees are another one for home buyers to look out for. Although these can sometimes be paid by the seller, buyers often have to pay licensed experts to inspect the home they buy for termites, other pests or any structural issues. While one can hope that these inspections will result in an “all clear,” make sure to be ready for any repairs or measures taken to mitigate any problems inspectors find.

The best way to navigate all these items is to consult a real estate agent. At OMG Brokers, we have plenty of experts ready to help you find the best home for you and your family, and do so without breaking the bank. Click here to meet our agents!

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