How much does it cost to buy a house | Asheville Realtor


Stop making your landlord rich. Become a homeowner today and start building
your own equity. Or tell me how much you pay in rent, and I
will show you the house that you could own and pay the same in your monthly mortgage
payments. Elena Kovrigin: Have you seen this kind of
advertisements? Hi, this is my name. This is my job title. This is the subscribe button and this is my
hashtag. You know what to do. When talking about rent versus monthly mortgage
payments in terms of how easy it can be to become a homeowner can be a little bit misleading. In this video, I’m going to tell you how much
it really costs to become a homeowner. Speaker 2: I want the truth. Elena Kovrigin: Most people need a mortgage
to be able to buy any kind of piece of real estate and mortgages are usually associated
with down payments. The amount of down payment will depend on
the type of mortgage, or a loan that you’re getting and of course your credit history
and credit score. It can range anywhere from 0 to 20%. It might be a big chunk of money for a lot
of people. Speaker 3: Oh, please. We are rich. Elena Kovrigin: A lot of people often [inaudible]
with this cost associated with getting a mortgage on a house. After the bank gives you a green light. Speaker 4: Go. Elena Kovrigin: And you find the house that
meets your criteria, you put an offer on it and you go on the contract. So what happens after that? Speaker 5: You will be expected to pay two
deposits. Due diligence money deposit, and earnest money
deposit. Speaker 6: Come, again. Speaker 5: Due diligence money deposit is
nonrefundable and is paid directly to the seller. Depending on the price of the house, it can
range anywhere from zero to a few hundred dollars. Earnest money deposit will be held by an escrow
agent in the trust account. And depending on the price of the house, it
can range anywhere from a few hundred dollars up to thousands of dollars. Side note, just because you offer $0 as your
due diligence money deposit, for example, doesn’t mean that the seller will not counteroffer
and ask for more Speaker 7: Surprise there. Speaker 5: Remember that everything in real
estate in an offer to purchase is negotiable. You need to be prepared to have this money
in your bank account because as soon as you write those checks, they will be leaving your
bank account. Speaker 8: [inaudible 00:02:22]. Elena Kovrigin: Well after that, usually people
are recommended to do home inspections. Home inspections, prices can range and depend
usually on the size of the house. How’s that is anywhere between 1500 square
foot up to 2000 square foot would cost you somewhere between $350 to $450 for a general
inspection. If you would like to conduct a radon inspection,
that will cost you anywhere from $100 to $140. If the general inspector discovers that there
might be some infestation, such as termites, you might want to add a termite inspection
and termite inspection in my experience can cost anywhere from $95 up to $115. What if your house is on the septic and general
inspector discover something wrong with the septic or recommends doing a septic inspection. Speaker 9: [inaudible 00:03:21]. Elena Kovrigin: Septic inspection can cost
you another four to $500, as you can see right off the start, inspection can cost you hundreds
of dollars and this is the money that will be coming out of your pocket. Now if you’re like most people, and you are
getting a mortgage- Speaker 10: Anyway you could lend me some
money, maybe $20 million. Elena Kovrigin: … the bank will require
for you to have an appraisal. They’re not going to want to lend you more
money than the house is worth. Appraisals they are usually ordered by the
bank, but the bank makes you pay for that appraisal upfront and appraisals can cost
right around $500. Speaker 11: I did not see that one coming? Elena Kovrigin: Again, this is the money that
you’re going to have to pay upfront out of your pocket. Moving right along, North Carolina is an attorney
state, which means that in order for you to close a real estate transaction, you must
use an attorney, and we all know that nobody works for free, especially attorneys. Real estate attorney can charge, in my experience,
anywhere from $850 up to about $1,200. Speaker 12: Unbelievable. Elena Kovrigin: That’s another cost that’s
going to be coming out of your pocket and will be paid at closing. You know who else doesn’t work for free? Banks. They’re going to charge you money for processing
your loan application, for preparing all your documents, for pulling your credit report,
your credit score. From my experience, closing costs are going
to be right at about $5,000. Now, the more expensive the property is, the
higher closing costs might be because closing costs often include prepaid interest, taxes
and home owner’s insurance. [inaudible] money that also going to come
out of, that’s right, your pocket. Now one way not to pay your closing costs
is to ask a seller to pay for your closing costs, but this is a subject of a whole different
video about negotiations. As you can see, even if you have zero down
payment on your house, there’s still a lot of charges that are associated with buying
a home when becoming a homeowner. So I recommend start saving now. Speaker 7: That’s what I’m going to do. Elena Kovrigin: Start putting the money away,
not just for your down payment, but all these costs that are associated with becoming a
homeowner. I hope you found this information useful. If you have more questions, feel free to reach
back to me. I got my contact information in the description,
and I will see you in the next video.

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