(Closed) Brand New To This Real Estate Thing

posted 8 years ago in Home
Post # 3
Member
1254 posts
Bumble bee

The only thing I can think of is property taxes and fees associated with transferring the title. Since you are paying in cash, both of these can be used as bargaining chips during negotiation so that the seller pays. Either way, it won’t be large enough to warrant a mortgage.

Other costs that won’t warrant a mortgage include moving, maintenance, and homeowner’s insurance.

Hope this helps.

 

Post # 4
Member
2006 posts
Buzzing bee

Can I just say how jealous I am that you have houses in your area for $50,000??

Post # 6
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

You can probably look up the property taxes on your local county clerk website.  You will only have to pay a prorated amount to the seller for the amount of the year that they have already paid.  If you aren’t having a mortgage, you will have to pay the property taxes and insurance out of your own pocket every year.  Also, don’t forget about the higher cost of utilities, maintenance, etc (these aren’t mortgage expenses but things you need to think about when you buy it).

Post # 7
Member
1254 posts
Bumble bee

@Toffee: Homeowner’s insurance cost will be dependent on the value of your home, the value of the belongings in your home, and the location of your home. The best way to get this number is to call your car insurance provider and ask them to provide you with a quote. The cost won’t be much…my best guess is $25/month.

The topic ‘Brand New To This Real Estate Thing’ is closed to new replies.

Find Amazing Vendors