Whether you’re about to get your roof replaced or repaired, are constructing a new building, or just had your repair and want to make sure that you know what to look out for now that you’ve invested in it, these tips will help you maintain your commercial roof. [Read more…] about 5 Critical Commercial Roofing Tips You Need To Know
If you are buying a house, you have definitely heard the expression “closing costs”. Generally, these are divided into three sections: lender or origination fees (when there is a mortgage), title company fees and prepaid costs. However, you might be wondering if there are closing costs associated with a cash purchase of a house.
One thing you can be sure of when buying a house for cash is that there will not be any mortgage payments involved, and that’s definitely a great deal. You can also be sure that a seller will love you because offering to buy their property with cash on hand will mean a faster closing and no time wasted waiting for a loan to be approved.
What about closing costs? Will you still have to pay them?
The short answer is yes. And you should keep in mind that you should budget these expenses when calculating how much cash you need to have on hand in order to make the purchase.
What will you have to pay?
More than half of closing costs are title-related. You may be able to save some money if you have the chance to shop around and compare title companies. You may discover that, although title insurance premiums will not vary too much, settlement fees can vary by several hundreds of dollars when you compare what different companies quote you.
Although there will not be any loan-related fees, you will still have to cover items like:
- Title insurance fees
- Transfer taxes – these may be charged by the city or by the county
- Fees for the processing and filing of forms that need to be submitted to the County Recorder
- Home inspection fee
- Appraisal fees
This means that although you’re paying for the house with cash, all these fees and taxes can amount to close to 3% of the purchase price of the property.
Do both sellers and buyers have closing costs to pay?
They do, but what they end up paying is related to both local traditions and market conditions. Another factor that plays a role in the negotiation between buyer and seller when the offer is made and accepted.
What other expenses can you expect to have?
Even though you may have saved some money by buying the house for cash, there are always ongoing expenses that are a part of life for all homeowners:
If you haven’t been informed by the seller, you can check how much these will be by going to your city or county’s website and finding out both what has been paid in prior years and whether a property tax hike is forthcoming.
Shop around to get the best quote but don’t skip this important step of homeownership. The size and value of your new home, its location and the amount of coverage you select, will have an impact on how much you pay every year.
Maintenance and/or homeowner’s association fees
Maintenance is a part of owning a property. Things get old, they break down and stop working. They need to be repaired. And if the house you bought belongs to a condo association or community, you will also have to consider homeowner’s association fees.
At FL Home Buyers we will help you every step of the way when you are looking to buy a house for the best price. Contact us today and start on the road to homeownership.
If you are in the process of working through a personal injury lawsuit, or if you have just recently been awarded a settlement after a personal injury, then it is very reasonable for you to be wondering about taxes, especially if the settlement if a significant amount. It can be stressful to think about having to turn over a significant portion of your award to the IRS, especially since you and your personal injury lawyer just fought hard to get this award from the insurance company or the party responsible for your injuries. If you are in need of an attorney for an upcoming claim, get in touch with the aggressive lawyers at Your Fight Our Battle. [Read more…] about Do I Have To Pay Taxes On A Personal Injury Settlement?
Are you looking to start your business or maybe you want to expand your business. but the problem is that how will you convince a bank for giving you a loan for the business? In case you don’t have enough amount to invest that’s why you need a bank’s loan to invest. One of the best ikano bank for taking loans easily. So, in this article, you learn Five things to consider when borrowing money from a bank.
A non-running car can seem like a ball and chain. Trying to find the right buyer who wants to take over your problem might be more trouble than its worth. Some municipalities have rules about keeping non-running cars in your driveway, and you could rack up tickets for zoning violations if you just ignore the car. If you’re looking for solutions for your undriveable car, here are some ideas. [Read more…] about How Much is a Non-Running Car Worth?
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