Why a Home Inspection Is One of the Smartest Investments a Buyer Can Make
Paying for an inspection. To me, it's a no-brainer form of insurance on your largest investment. Let's look at real numbers:
Imagine you're a buyer who invests $750 in an inspection and come to find out the roof was not replaced 15 years ago like the seller thought, but 25 years ago, and will more than likely need to be replaced soon.
With that knowledge, we head back to the seller to negotiate a closing cost credit for the buyer to take care of it. More often than not, we can work something out with the seller, but if not, the buyer has the opportunity to walk away from the transaction and deposit money returned to them. Inspection sounds like a worthwhile insurance policy to me!
The Hidden Driver Behind Faster Sales and Higher Prices
Homes in sought-after school districts are always in demand. It makes sense why:
How much does it cost to buy a $800,000 home?
This is the average price in Massachusetts, so let’s see what you can expect in closing costs– (Note: these numbers are estimates - a lender will give you actuals!)
Down payment: $80,000 (on average Massachusetts homebuyers put 10% down. According to the National Association of Realtors, first-time buyers make smaller down payments: they put down a median 9%, compared to 23% for repeat buyers.
Loan origination fee: $1,450
Title expenses: $4,800
Homeowners insurance: $1,800-$2,200
Property taxes: Depends on the town, but .75%-1% is a rough estimate
Total out-of-pocket at closing: $27,300
Want a personalized closing breakdown for another price point? Send me a DM and I can provide an estimate. Remember - the most accurate numbers will come from your lender, this just gives you the jist.
Have questions about real estate?
Whether you're interested in purchasing your first home, moving up, downsizing, or investing, my team and I are here to be a resource to you.
Let's find you a new home. And it all starts here. Tell us a bit about your situation – buying, selling, and so forth – and one of our team members will be back in touch to discuss the details directly.
