jai_bali Posted August 25, 2020 Report Share Posted August 25, 2020 Hi, I see lot of discussions about home purchase and expenses...Just want to know info about home purchase...i dont have much knowledge on home purchase jargon...Can someone shed light on the following so that it will be useful for everyone and esp. newbie like me 1) What are the monthly expenses when we purchase a independent home.. I know of the following: Principal and Interest, Property Taxes, Homeowners' Insurance, Mortgage Insurance, HOA..any other expenses that might occur monthly apart from these? 2) What are the expenses for maintenance like termite control etc? and how much would be that on average? 3) When purchasing a home, what additional costs would be there on top of original home price? Like closing costs etc. 4) What are the good websites/sources to look for a property apart from zillow and redfin? 5) Any other things to know apart from above info? Any info is appreciated.. Quote Link to comment Share on other sites More sharing options...
ennnna chata Posted August 25, 2020 Report Share Posted August 25, 2020 10 minutes ago, jai_bali said: Hi, I see lot of discussions about home purchase and expenses...Just want to know info about home purchase...i dont have much knowledge on home purchase jargon...Can someone shed light on the following so that it will be useful for everyone and esp. newbie like me 1) What are the monthly expenses when we purchase a independent home.. I know of the following: Principal and Interest, Property Taxes, Homeowners' Insurance, Mortgage Insurance, HOA..any other expenses that might occur monthly apart from these? 2) What are the expenses for maintenance like termite control etc? and how much would be that on average? 3) When purchasing a home, what additional costs would be there on top of original home price? Like closing costs etc. 4) What are the good websites/sources to look for a property apart from zillow and redfin? 5) Any other things to know apart from above info? Any info is appreciated.. 10 minutes ago, jai_bali said: Hi, I see lot of discussions about home purchase and expenses...Just want to know info about home purchase...i dont have much knowledge on home purchase jargon...Can someone shed light on the following so that it will be useful for everyone and esp. newbie like me 1) What are the monthly expenses when we purchase a independent home.. I know of the following: Principal and Interest, Property Taxes, Homeowners' Insurance, Mortgage Insurance, HOA..any other expenses that might occur monthly apart from these? 2) What are the expenses for maintenance like termite control etc? and how much would be that on average? 3) When purchasing a home, what additional costs would be there on top of original home price? Like closing costs etc. 4) What are the good websites/sources to look for a property apart from zillow and redfin? 5) Any other things to know apart from above info? Any info is appreciated.. 11 minutes ago, jai_bali said: Hi, I see lot of discussions about home purchase and expenses...Just want to know info about home purchase...i dont have much knowledge on home purchase jargon...Can someone shed light on the following so that it will be useful for everyone and esp. newbie like me 1) What are the monthly expenses when we purchase a independent home.. I know of the following: Principal and Interest, Property Taxes, Homeowners' Insurance, Mortgage Insurance, HOA..any other expenses that might occur monthly apart from these? 2) What are the expenses for maintenance like termite control etc? and how much would be that on average? 3) When purchasing a home, what additional costs would be there on top of original home price? Like closing costs etc. 4) What are the good websites/sources to look for a property apart from zillow and redfin? 5) Any other things to know apart from above info? Any info is appreciated.. Quote Link to comment Share on other sites More sharing options...
sunnylives Posted August 25, 2020 Report Share Posted August 25, 2020 1) What are the monthly expenses when we purchase a independent home.. I know of the following: Principal and Interest, Property Taxes, Homeowners' Insurance, Mortgage Insurance, HOA..any other expenses that might occur monthly apart from these? Additional taxes like MUD/PID depending on city. 2) What are the expenses for maintenance like termite control etc? and how much would be that on Termite - 100 ish per quarter Gas - 50-200 Electricity - 100 - 250 utilities + trash - 100 ish lawn mowing - 50-70 internet - 40-75 security - 20 3) When purchasing a home, what additional costs would be there on top of original home price? Like closing costs etc. Any upgrades you choose Third Party fees - 3-5k approx Escrow Deposit - they take several months of your hoa, home insurance, house taxes in advance. Hoa initiation fees - Varies depending on community 4) What are the good websites/sources to look for a property apart from zillow and redfin? Roam on streets, so many good homes are sold without appearing online. 5) Any other things to know apart from above info? 1 Quote Link to comment Share on other sites More sharing options...
jai_bali Posted August 25, 2020 Author Report Share Posted August 25, 2020 Thanks @sunnylives..any negotations we can do in the above expenses? Like waiving closing costs etc? Quote Link to comment Share on other sites More sharing options...
MiryalgudaMaruthiRao Posted August 25, 2020 Report Share Posted August 25, 2020 Quote Link to comment Share on other sites More sharing options...
Silveradotwo Posted August 25, 2020 Report Share Posted August 25, 2020 Just now, MiryalgudaMaruthiRao said: Vuncle naa meeda padav enti Quote Link to comment Share on other sites More sharing options...
MiryalgudaMaruthiRao Posted August 25, 2020 Report Share Posted August 25, 2020 Just now, Silveradotwo said: Vuncle naa meeda padav enti Quote Link to comment Share on other sites More sharing options...
Silveradotwo Posted August 25, 2020 Report Share Posted August 25, 2020 2 minutes ago, MiryalgudaMaruthiRao said: Quote Link to comment Share on other sites More sharing options...
WigsandThighs Posted August 25, 2020 Report Share Posted August 25, 2020 8 hours ago, jai_bali said: Hi, I see lot of discussions about home purchase and expenses...Just want to know info about home purchase...i dont have much knowledge on home purchase jargon...Can someone shed light on the following so that it will be useful for everyone and esp. newbie like me 1) What are the monthly expenses when we purchase a independent home.. I know of the following: Principal and Interest, Property Taxes, Homeowners' Insurance, Mortgage Insurance, HOA..any other expenses that might occur monthly apart from these? 2) What are the expenses for maintenance like termite control etc? and how much would be that on average? 3) When purchasing a home, what additional costs would be there on top of original home price? Like closing costs etc. 4) What are the good websites/sources to look for a property apart from zillow and redfin? 5) Any other things to know apart from above info? Any info is appreciated.. Quote Link to comment Share on other sites More sharing options...
sunnylives Posted August 26, 2020 Report Share Posted August 26, 2020 22 hours ago, jai_bali said: Thanks @sunnylives..any negotations we can do in the above expenses? Like waiving closing costs etc? Short answer yes, If you are going with builder preferred lender, builder may offer some upgrades/ upgrade money. Some lenders do offer credits on closing costs. Quote Link to comment Share on other sites More sharing options...
Thokkalee Posted August 26, 2020 Report Share Posted August 26, 2020 Old homes- desi realtors usually keep 1 to 1.5% and give the rest back to you as part of closing costs.. new homes- desi realtors take 1K and give the rest back to you.. Quote Link to comment Share on other sites More sharing options...
Thokkalee Posted August 26, 2020 Report Share Posted August 26, 2020 44 minutes ago, sunnylives said: Short answer yes, If you are going with builder preferred lender, builder may offer some upgrades/ upgrade money. Some lenders do offer credits on closing costs. Builder tho aithe interest rates ekkuva untayi.. upto 1% more.. people usually refinance after few months for a lower rate Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.