Do You Know What It Costs To Buy a Home in Texas?
It’s one thing to want to own your own home…it’s another to be able to afford one. Here is a run-down of estimated costs to buy a home in Texas you must consider…
NOTE
Please note these are estimates only and will change based on the area where your home is located, price of home, lender requirements, negotiated terms on sales contract, etc.
|
Item |
Cost* |
|
Application fee for loan |
$300 |
|
Credit Report Fee for Lender |
$65 |
|
Option Fee |
$200-400 |
|
Earnest Money |
1% of house price |
|
Home Inspection Fees (house and termite) |
$600-1200 |
|
Appraisal fee |
$350 |
|
Closing Costs: |
|
|
Down Payment for Loan |
2 to 19% of house price |
|
Title Insurance (usually paid by the Seller) |
$1377 |
|
PMI or MIP Reserve** |
$344 |
|
Loan Origination Fee (negotiable) |
$1900 |
|
Survey |
$400 |
|
Flood Certificate |
$40 |
|
Doc Prep Attorney Fee |
$200 |
|
Settlement Fee |
$250 |
|
Recording Fees |
$50 |
|
Underwriting Fee |
$200 |
|
Tax Service Fee |
$75 |
|
Prorated Taxes |
$1250 |
|
Homeowner Insurance and Reserve |
$2100 |
|
Pre-paid Interest |
$417 |
|
Repairs or Updates to Home If Needed |
Unknown |
|
Moving Charges |
Unknown |
|
Utility Fees |
Unknown |
|
*These estimated figures are based on a $200,000 house with a 5% interest conventional 30-yr loan, with 5 percent down, $1500 insurance, and $5000 property taxes…close to $20,000 cash required! ** If your down payment is less than 20 percent of sales price. |
|
REALTORS DON’T “JUST” SELL HOUSESReal estate agents don’t “just” sell houses; we sell a SERVICE to guide home buyers and sellers through the entire real estate transaction, which usually takes several months. We are more like real estate consultants than we are salespeople. That’s probably why 86 percent of all home buyers and sellers choose to hire a real estate agent when buying or selling a home! Buying or selling a home is not like buying or selling a TV, a computer, or a car. You can’t buy/sell a home in one day…even if the buyer is paying cash. There are MANY legal aspects, deadlines, and requirements that most people are not trained to handle. What’s more…mistakes along the way can cost you thousands and even hundreds of thousands of dollars. The financial risk is much greater than just about anything else you may buy.
Please read the list of my value-added services for home buyers |
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Why You Should Hire Me
Candid Advice—I promise to give you candid advice on all homes and areas so you can make the best decisions. I won’t ignore potential defects that can cost you money, or effect your resale value, in the future…I point them out to you! My job is to protect you from defective homes as much as possible while helping you make a sound financial investment. (Read client testimonials)
Local Area Expertise—This isn’t just my business…it’s where I work and live (for 20 years) so I really know the area. I will help you narrow your options and find the best neighborhood for you based on your specifications. For long-term resale value, the neighborhood you choose is just as important as the home you buy. (Download my Ultimate Sugar Land Guide)
Great Pricing Data—I will give you the most in-depth data you have ever seen…to help you make the wisest decisions. This includes a professional CMA when you are ready to purchase a specific home…so you don’t pay too much. (Also see Pricing a Home Correctly)
Premium Customized Home Searches—Yes, you can search on your own, but no other home search available can filter down to the school level…and filter out the subdivisions that may be known to flood. Tell me exactly what you want, and I can narrow down your options better than any search you have access to. (Request a Premium Customized Home Search)
Video Walkthroughs—If you or your spouse lives out of the state or country, then you will enjoy my detailed video walkthroughs. I have sold multiple homes to out-of-area clients “sight unseen” by providing High Definition video walkthroughs of potential homes. My videos show front and back yards, closets, pantries, laundry rooms, and the garage…as well as the entire home. This gives you a complete picture of the house (unlike those silly Matterports). I also point out any potential defects or deferred maintenance that I see. (view sample video walkthrough)
Easier Process—Moving your family (and possibly changing jobs) is stressful enough. I’m your transaction manager and will guide you, step-by-step, through the process so you never miss an important deadline. I assist with inspections, repair negotiations, home warranties, HOA compliance inspections, hazard insurance, surveys, appraisals, title commitment, home warranties, title company, and more. (Get Details of My Value-Added Services)
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