What Costs Come with Buying a Jacksonville Home?

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A lot of people have been asking lately, "What are the costs of buying a home?" We'll answer that question in today's video.

First of all, there's the down payment. If you're using a VA loan, this could be nothing. Down payments could be as little as 3% of the purchase price or as much as 20% of the purchase price.

Keep closing costs in mind as well. These range between 3% and 3.5% of purchase price. Closing costs include things like lender fees and appraisals. A lot of the time, the seller will offset those costs. However, you don't want to bank on that happening in a seller's market. If you're going up against multiple offers, it's a good idea to anticipate covering those closing costs.

A binder deposit should be at least 1% of purchase price. Ultimately, this money will go towards your down payment. In a seller's market, you want to show that you are a strong buyer, and a 1% binder deposit is a great way to put your best foot forward. If you cannot hit that 1%, strive for a minimum binder deposit of $1,000.

Finally, there are appraisals and home inspections. In addition to a normal home inspection, you may also need a septic inspection or a pool inspection. It really depends on the property. Inspections are worth your money because you want to make sure that you are buying a safe home for you and your family.

As you can see, there's a lot that goes into buying a home. If you have any questions about today's video, or about the home buying process, give me a call or send me an email. I'd be happy to help you!